Nigeria December Inflation Rate at 7-Month High of 11.44%

The annual inflation rate in Nigeria rose to 11.44 percent in December of 2018 from 11.28 percent in the previous month. It is the highest inflation rate since May, as prices continued to advance mainly for food and housing & utilities.

Year-on-year, prices continued to advance for food & non-alcoholic beverages (13.51 percent vs 13.26 percent in November), mostly led by food (13.56 percent vs 13.30 percent), of which potatoes, yam and other tubers; bread & cereals; fish; milk, cheese and eggs; vegetables, fruits; oils & fats and meat; housing & utilities (7.43 percent vs 7.34 percent) and clothing & footwear (10.12 percent vs 9.97 percent). Additional upward pressure came from cost of: furnishings (9.76 percent vs 9.69 percent); education (9.80 percent vs 9.78 percent); health (9.81 percent vs 9.74 percent); alcoholic beverages, tobacco & kola (10.21 percent vs 9.96 percent); communications (7.43 percent vs 7.36 percent) and recreation & culture (8.72 percent vs 8.56 percent).

In contrast, inflation slowed for transport (10.08 percent vs 10.29 percent) and miscellaneous goods & services (9.58 percent vs 9.66 percent).

Annual core inflation which excludes price of volatile agricultural products stood at 9.8 percent in December, unchanged from November.

On a monthly basis, consumer prices went up 0.74 percent, following a 0.80 percent increase in the prior month.

Nigeria December Inflation Rate at 7-Month High of 11.44%

National Bureau of Statistics Luisa Carvalho |
1/16/2019 9:07:24 AM