News

Nigeria December Inflation Rate at Over 3-Year High
Nigeria's annual inflation rate soared for a 16th straight month to 15.75 percent in December of 2020. It was the highest inflation rate since November of 2017, on spiralling food prices (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade. The acceleration in inflation continued to be attributed to dollar shortages and surging jihadist attacks in farming areas as well as lingering disruptions from the COVID-19 pandemic. On a monthly basis, consumer prices inched up 1.61 percent, the most since May 2017, little-changed from a 1.60 percent increase in the prior month.
Published on 2021-01-15

Nigeria November Inflation Rate Soars to Near 3-Year High
Nigeria's annual inflation rate quickened for a 15th straight month to 14.89% in November of 2020 from 14.23% in October. It was the highest inflation rate since January of 2018, as food inflation hit a near three-year high of 18.3%, mainly linked to dollar shortages and surging jihadist attacks in farming areas. On a monthly basis, consumer prices inched up 1.60%, the most since May 2017, after increasing 1.54% in the previous month.
Published on 2020-12-15

Nigeria Inflation Rate Quickens for 14th Month
Nigeria's annual inflation rate climbed for a 14th straight month to 14.23 percent in October of 2020 from 13.71 percent in September. It was the highest inflation rate since February of 2018, amid widespread increases in prices due to the adverse effects of ongoing border closures, Covid-19 crisis, violent farm attacks and recent dollar restrictions. Main upward pressure came from food prices (17.38 percent vs 16.66 percent in September). Additional upward pressure came mostly from health (13.08 percent vs 12.58 percent); transport (12.11 percent vs 11.65 percent); clothing & footwear (11.25 percent vs 11.02 percent); alcoholic beverages, tobacco & kola (10.79 percent vs 10.59 percent) and furnishings (10.67 percent vs 10.43 percent). On a monthly basis, consumer prices inched up 1.54 percent, the most since June 2017, after increasing 1.48 percent in the previous month.
Published on 2020-11-16

Nigeria September Inflation Rate at Over 2-1/2-Year High
Nigeria's annual inflation rate climbed for a 13th straight month to 13.71 percent in September of 2020 from 13.22 percent in the prior month. It was the highest inflation rate since February of 2018, amid widespread increases in prices due to ongoing border closures and the pandemic crisis coupled with lower interest rates. Main upward pressure came from food prices (16.60 percent vs 16 percent in August). Prices also rose significantly for health (12.58 percent vs 12.09 percent); transport (11.65 percent vs 11.21 percent); clothing & footwear (11.02 percent vs 10.80 percent) and miscellaneous goods & services (10.95 percent vs 10.67 percent). On a monthly basis, consumer prices went up 1.48 percent, the most since June of 2017, after rising 1.3 percent in the previous month.
Published on 2020-10-15

Nigeria August Inflation Rate Rises to Over 2-Year High of 13.2%
Nigeria's annual inflation rate rose to 13.22 percent in August 2020 from 12.82 percent in the previous month. It was the highest inflation rate since March 2018, as food prices increased to an over two-year high (16 percent vs 15.48 percent in June) amid the coronavirus crisis. Also, cost advanced further for housing & utilities (8.1 percent vs 8 percent); transport (11.2 percent vs 10.8 percent); furnishings & household equipment (10.2 percent vs 10 percent); education (9.6 percent vs 9.5 percent); and health (12.1 percent vs 11.6 percent). On a monthly basis, consumer prices went up 1.3 percent, following a 1.2 percent gain in the prior month.
Published on 2020-09-15

Nigeria July Inflation Rate Soars to 12.8%
Nigeria's annual inflation rate surged for an eleventh straight month to 12.82% in July of 2020 from 12.56% in the prior month. It was the highest rate since March of 2018 as food prices jumped 15.48%, the most in over two years, on the back of continued border closures and the lingering effects of coronavirus-induced supply disruptions. On a monthly basis, consumer prices were up 1.24%, following a 1.21% increase in the previous month.
Published on 2020-08-17

Nigeria Inflation Rate Climbs Further to Over 2-Year High of 12.6%
Nigeria's annual inflation rate rose for a tenth straight month to 12.56% in June of 2020 from 12.40% in the prior month. It was the highest rate since March of 2018 as food prices surged 15.18%, the most in over two years, amid disruptions in the supply of products as farming activities are yet to recover from the impact of the nationwide lockdown and movements restrictions, which blocked food producers from access to the farms. Additional upward pressure came from health (11.09% vs 10.66%); transport (10.41% vs 10.09%); miscellaneous goods & services (10.20% vs 10.03%) and housing & utilities (7.86% vs 7.77%). On a monthly basis, consumer prices were up 1.21%, the most since June of 2018, after increasing 1.17% in the prior month.
Published on 2020-07-17

Nigeria Inflation Rate at Over 2-Year High of 12.40%
Nigeria's annual inflation rate rose for a ninth straight month to 12.40% in May of 2020 from 12.34% in the prior month. It was the highest rate since April of 2018, due to the lingering effects of the global pandemic. Food inflation hit an over two-year high of 15.04%, amid supply chain disruptions caused by lockdown restrictions. Prices also increased sharply for health (10.66% vs 10.27%), especially felt in urban areas (11.29%) which concentrate the bulk of Covid-19 cases. Other significant upward pressure came from the costs of transport (10.09% vs 9.78%); clothing & footwear (10.39% vs 10.33%) and miscellaneous goods & services (10.03% vs 9.84%). On a monthly basis, consumer prices inched up 1.17%, the most since June 2018, after increasing 1.02% in the previous month. Annual core inflation, which excludes farm produce, hit 10.12% in May, the highest since July 2018.
Published on 2020-06-17

Nigeria Inflation Rate Hits 2-Year High
Nigeria's annual inflation rate rose to 12.34 percent in April 2020, the highest since April 2018, from 12.26 percent in the previous month. Food prices rose 15.03 percent, the most since March 2018, amid the coronavirus crisis. Additional upward pressure came from clothing and footwear (10.33 percent vs 10.21 percent), transport (9.78 percent vs 9.49 percent), furnishings and household equipment maintenance (9.64 percent vs 9.50 percent) and education (9.16 percent vs 9.02 percent). In addition, housing and utilities inflation remained unchanged at 7.76 percent. Annual core inflation, which excludes farm produce, hit 9.98 percent in April, the highest since August 2018.
Published on 2020-05-21

Nigeria March Inflation Rate Nears 2-Year High of 12.26%
The annual inflation rate in Nigeria rose for the seventh straight month to 12.26% in March of 2020 from 12.20% in the previous month. It was the highest inflation rate since April of 2018, largely driven by the effects of the border closure and the new VAT tax rate. Main upward pressure came from food prices (14.98% vs 14.90% in February). Inflation also remained elevated for clothing & footwear (10.21% vs 10.14%); miscellaneous goods & services (9.62% vs 9.45%); health (9.99% vs 9.94%); housing & utilities (7.76% vs 7.81%); restaurants & hotels (8.84% vs 8.66%); transport (9.49% vs 9.43%); alcoholic beverages, tobacco & Kola (9.91% vs 9.85%) and furnishings (9.50% vs 9.39%). On a monthly basis, consumer prices inched up 0.84%, after increasing 0.79% in the previous month. The statistical office noted that the current lockdown in Abuja, Lagos and Ogun states to contain the Covid-19 pandemic started in April 2020 and, accordingly, does not reflect major impact on March figures.
Published on 2020-04-21

Nigeria February Inflation Rate at Near 2-Year High of 12.2%
The annual inflation rate in Nigeria rose for the sixth straight month to 12.2% in February of 2020 from 12.1% in the previous month. The rate was the highest since April of 2018, amid the continued impact of borders closure and also the recent hike in VAT tax rate to 7.5%. Food inflation increased further to 14.9% from 14.85% in January, reaching the highest level since March of 2018. Additional upward pressure came from prices of clothing & footwear (10.14% vs 10.08%); transport (9.43% vs 9.35%); housing & utilities (7.81% vs 7.78%); furnishings (9.39% vs 9.23%); education (8.93% vs 8.87%); alcoholic beverages, tobacco & Kola (9.85% vs 9.81%); communication (8.15% vs 8.06%); recreation & culture (8.46% vs 8.30%); restaurants & hotels (8.66% vs 8.49%) and miscellaneous goods & services (9.45% vs 9.30%). On a monthly basis, consumer prices were up 0.79%, after increasing 0.8% in the previous month.
Published on 2020-03-17

Nigeria January Inflation Rate Nears 2-Year High of 12.13%
The annual inflation rate in Nigeria rose for the fifth straight month to 12.13% in January 2020 from 11.98% in the prior month. It was the highest inflation rate since April 2018, as food prices also increased the most in nearly two years (14.85% vs 14.67% in December), amid shortages caused by prolonged borders closure. Additional upward pressure came from all other categories, namely clothing & footwear (10.08 % vs 9.91%); alcoholic beverages, tobacco & Kola (9.81% vs 9.79%); housing & utilities (7.78% vs 7.70%); transport (9.35% vs 9.25%); health (9.78% vs 9.59%); furnishings (9.23% vs 9.14%); communication (8.06% vs 7.99%); recreation & culture (8.30% vs 8.18%); education (8.87% vs 8.81%); restaurants & hotels (8.49% vs 8.35%) and miscellaneous goods & services (9.30% vs 9.14%).On a monthly basis, consumer prices inched up 0.87%, after increasing 0.85% in the prior month.
Published on 2020-02-18

Nigeria December Inflation Rate Rises Further to 11.98%
The annual inflation rate in Nigeria increased to 11.98% in December of 2019 from 11.85% in the prior month, remaining at the highest level since April 2018. Prices of food advanced the most in 20 months (14.67% vs 14.48% in November), amid the country’s ongoing border closures and increased seasonal demand during the Christmas season. Additional upward pressure came from housing & utilities (7.70%, the same pace as in November); clothing & footwear (9.91% vs 9.79%); transport (9.25% vs 9.17%); furnishings (9.14% vs 9.08%); education (8.81% vs 8.74%); health (9.59% vs 9.44%); miscellaneous goods & services (9.14% vs 9%); restaurants & hotels (8.35% vs 8.30%) and alcoholic beverages, tobacco and Kola (9.79% vs 9.82%). On a monthly basis, consumer prices went up 0.85%, the least since March, after increasing 1.02% in the preceding month.
Published on 2020-01-17

Nigeria Inflation Rate at Over 1-1/2-Year High of 11.85%
The annual inflation rate in Nigeria rose to 11.85 percent in November of 2019 from 11.61 percent in the prior month. It was the highest inflation rate since April last year, as food prices continued to surge amid the ongoing country's border closure and the festive season mood.
Published on 2019-12-17

Nigeria October Inflation Rate at Near 1-1/2-Year High
Nigeria's annual inflation rate increased to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018. Prices rose mainly for food, due to the ongoing closure of the country's land borders and the impact of unusual heavy rainfall on harvest.
Published on 2019-11-18

Nigeria Inflation Rate Rises to 11.2% in September
Nigeria's annual inflation edged up to 11.24 percent in September 2019, its highest level since June, after falling to 3 1/2-year low of 11.02 percent in the previous month. Food prices rose the most in three months after the government partially closed its border with Benin to curb smuggling of rice.
Published on 2019-10-15

Nigeria Inflation Rate Lowest since 2016
Nigeria's annual inflation dropped further to 11.02 percent in August 2019 from 11.08 percent in the prior month. It was the lowest inflation rate since January 2016, despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures. Prices slowed mostly for food amid the ongoing harvest season.
Published on 2019-09-17

Nigeria July Inflation Rate Nears 1-Year Low
Nigeria's annual inflation rate edged down to 11.08 percent In July 2019 from 11.22 percent in the previous month. It was the lowest inflation rate since July 2018, amid a generalized slowdown in prices, especially for food.
Published on 2019-08-16

Nigeria Inflation Rate Eases to 11-Month Low
Nigeria's consumer price inflation fell to 11.22 percent year-on-year in June 2019 from 11.40 percent in the previous month. That was the lowest inflation rate since July 2018, as prices rose at a softer pace for almost all categories. Annual core inflation, which excludes price of volatile agricultural products, fell to 8.84 percent in June, its lowest level since January 2016. On a monthly basis, consumer prices were up 1.07 percent, little-changed from a 1.11 percent increase in May.
Published on 2019-07-15

Nigeria May Inflation Rate at 5-Month High of 11.40%
The annual inflation rate in Nigeria rose slightly to 11.40 percent in May 2019 from 11.37 percent in the prior month. It is the highest inflation rate since December, as prices continued to increase mainly for food.
Published on 2019-06-17