News

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

Nigeria Inflation Rate Rises to 11.37% in April
The annual inflation rate in Nigeria increased to 11.37 percent in April 2019 from 11.25 percent in the prior month. It is the highest inflation rate since January, amid a surge in food prices.
Published on 2019-05-15

Nigeria Inflation Rate Hits 7-Month Low of 11.25%
Nigeria's annual inflation rate edged down to 11.25 percent in March 2019 from 11.31 percent in the previous month. It is the lowest inflation rate since August last year, as prices rose slightly less in most of categories.
Published on 2019-04-16

Nigeria Inflation Rate Falls Further in February
Nigeria's annual inflation rate dropped to 11.31 percent in February 2019 from 11.37 percent in the previous month, as prices rose at a slower pace for all categories. Annual core inflation, which excludes price of volatile agricultural products, edged down to 9.8 percent in February from 9.9 percent in January. On a monthly basis, consumer prices went up 0.7 percent, the same pace as in January.
Published on 2019-03-15

Nigeria January Inflation Rate Below Forecasts
Nigeria's annual inflation rate stood at 11.37 percent in January 2019, little-changed from the previous month's 11.44 percent and below market expectations of 11.5 percent. Food prices rose 13.51 percent, compared with 13.56 percent in December.
Published on 2019-02-15

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.
Published on 2019-01-16

Nigeria Annual Inflation Rate Rises to 11.28% in November
The annual inflation rate in Nigeria rose to 11.28 percent in November of 2018 from 11.26 percent in the previous month. Prices advanced faster mainly due to higher cost of food and housing and utilities.
Published on 2018-12-14

Nigeria Annual Inflation Rate Slows to 11.26% in October
The annual inflation rate in Nigeria fell to 11.26 percent in October of 2018 from 11.28 percent in the previous month and below market expectations of 11.33 percent. The slowdown in the inflation rate mainly reflected lower cost of food.
Published on 2018-11-21

Nigeria Inflation Rate at 4-Month High of 11.28%
Nigeria's annual inflation rate rose further to 11.28 percent in September of 2018 from 11.23 percent in August. It was the highest inflation rate since May, mainly due to higher cost of food. On a monthly basis, consumer prices went up 0.84 percent, easing from a 1.05 percent gain in the prior month.
Published on 2018-10-16

Nigeria Annual Inflation Rate Rises to 11.23% in August
Nigeria’s annual inflation rate increased to 11.23 percent in August of 2018 from 11.14 percent in July and above market expectations of 11.11 percent. It was the first rise in inflation rate after being declining since January 2017, when it reached a 12 year high of 18.7 percent.
Published on 2018-09-14

Nigeria Inflation Rate Falls to New 2-1/2-Year Low
Nigeria's annual inflation rate eased further to 11.14 percent in July 2018 from 11.23 percent in the previous month, and matched market expectations of 11.1 percent. It was the lowest inflation rate since January 2016, as food prices rose at a softer pace. Annual core inflation which excludes price of volatile agricultural products fell to 10.18 percent in July from 10.39 percent in the previous month. On a monthly basis, consumer prices went up 1.1 percent, following a 1.2 percent gain in June.
Published on 2018-08-15

Nigeria Inflation Rate at 29-Month Low of 11.23%
Inflation rate in Nigeria eased further to 11.23 percent in June of 2018 from 11.61 percent in the previous month. It compares with market expectations of 11.05 percent. Still, it was the lowest inflation rate since January of 2016.
Published on 2018-07-23