Nigeria Inflation Rate Falls to Lowest Since 2016

Consumer prices in Nigeria increased 15.4 percent year-on-year in December of 2017, following a 15.9 percent rise in the previous month and below market expectations of 15.8 percent. The inflation remained at its lowest level since April of 2016 and slowed for the eleventh consecutive month, as cost increased less mainly for food and non-alcoholic beverages and housing and utilities.

Year-on-year, cost rose at softer pace for food and non-alcoholic beverages (19.4 percent compared to 20.2 percent in November) with prices increasing the most for bread and cereals, potatoes, yam and other tubers, coffee, tea, cocoa, milk, cheese, eggs, fish, oil and fats. In addition, prices slowed for housing and utilities (8.3 percent compared to 8.4 percent); clothing and footwear (14.9 percent compared to 15.4 percent) and furnishings and household equipment (13.7 percent compared to 13.8 percent). Also, cost went up softer for education (11.0 percent compared to 11.4 percent); miscellaneous goods and services (11.5 percent compared to 11.7 percent); restaurants and hotels (10.5 percent compared to 10.6 percent); alcoholic beverages, tobacco and kola (8.6 percent compared to 8.7 percent) and recreation and culture (9.9 percent compared to 10.0 percent). On the other hand, prices advanced at a faster pace for health (11.5 percent compared to 11.4 percent) and communication (3.5 percent compared to 3.1 percent) and inflation was steady for transport (12.4 percent, the same as in November).

Annual core inflation which excludes price of volatile agricultural products increased to 12.10 percent from 12.21 percent in the previous month.

On a monthly basis, consumer prices rose 0.59 percent, slowing from a 0.78 percent increase in November.

Nigeria Inflation Rate Falls to Lowest Since 2016

National Bureau of Statistics | Stefanie Moya |
1/16/2018 9:52:56 AM