Nigeria Inflation Rate Highest in 4-Months


Nigeria annual inflation rate accelerated slightly to 8.2 percent in January of 2015 from 8 percent in the previous month, driven mostly by higher food, housing and utilities prices.

In January, food cost increased 9.2 percent, the same rate as in December with prices of imported food rising 8.35 percent.  Cost of clothing and footwear advanced 7.96 percent; transport prices increased 6.91 percent and prices of housing, water, electricity and gas went up 6.27 percent.

The annual core index, which excludes prices of volatile agricultural, rose by 6.8 percent, up from 6.2 percent in the previous month with prices of housing, water, electricity and gas registering the highest increase.

On a monthly basis, the consumer price index rose by 0.81 percent, almost unchanged from 0.82 percent in December. Food prices increased 0.9 percent, the same pace as in December.

The increase in cost of goods and services was less than expected given a sharp fall in the value of the currecy.  Since the beginning of the year, the naira lost near 12 percent against the USD. 

Nigeria Inflation Rate Highest in 4-Months


National Bureau of Statistics | Carolina Cunha | carolina.cunha@tradingeconomics.com
2/16/2015 3:36:27 PM