Nigeria Inflation Rate Rises in December

In December of 2013, Nigeria annual inflation rate rose slightly to 8 percent, from 7.9 percent in November. Nigeria's central bank sets 2014 consumer inflation between 6 and 9 percent.

Year-on-year, the heavily-weighted food index rose 9.3 percent, the same rate recorded in November. Prices increased in major food classes such as bread and cereals, meat, fish and dairy classes, while prices of potatoes and yams slowed and cost of fruits, vegetables and sugar, honey and chocolate remained unchanged. 

On a monthly basis, the inflation rate increased at a faster pace, up to 0.78 percent from 0.72 percent in November. This was the highest month-on-change in 2013. Food recorded its first uptick in three months, increasing marginally by 0.9 percent in December as compared with 0.8 percent in November.

The core index, which excludes prices of volatile agricultural products, rose to 7.9 percent (7.8 percent in November). On a month-on-month basis, core inflation rate increased at a faster pace (0.8 percent) as compared with the previous three months where it had been stable at 0.6 percent. The increase in core prices was mainly due to higher cost of maintenance and repair of personal transport, repair of house hold appliances and pharmaceutical products.

Nigeria Inflation Rate Rises in December

National Bureau of Statistics | Joana Taborda |
1/14/2014 7:07:09 PM