Nigeria Inflation Rate Steady at 9.6% in January

Annual inflation rate in Nigeria came in at 9.6 percent in January of 2016, the same as previous month and the highest since December of 2012 as a falling naira keeps pushing import prices up, mainly food.
Mojdeh | mojdeh@tradingeconomics.com 2/15/2016 3:25:52 PM
Compared to January of 2015, food cost increased 10.6 percent and imported food prices grew 11.2 percent. Additional upward pressure came from: transport (+10.6 percent); education (+10 percent); clothing and footwear (+9.8 percent); alcoholic beverages, tobacco and kola (+9.4 percent); miscellaneous goods and services (+9.2 percent); restaurant & hotels (+9 percent); health (+8 percent), housing and utilities (+7.4 percent) and furnishings and household equipment (+7.1 percent).

Annual core inflation rate which excludes prices of volatile agricultural products was recorded at 8.8 percent, slightly higher than 8.7 percent in the previous three months.

On a monthly basis, consumer prices increased 0.9 percent, compared to a 1 percent growth in December as most prices slowed slightly with the exception of education (+1.35 percent from +0.53 percent in December); housing water, electricity, gas and other fuels (+0.61 percent from +0.5 in December); and health (0.87 percent from 0.7 percent in December). 

Nigeria Inflation Rate Steady at 9.6% in January