Nigeria Inflation Rate Drops to Lowest Since 2016

Consumer prices in Nigeria increased 14.33 percent year-on-year in February of 2018, slowing from a 15.13 percent gain in the prior month and below market expectations of 14.5 percent. It was the lowest inflation rate since April 2016 as cost rose less for food and non-alcoholic beverages and housing and utilities.

The inflation rate has been decreasing since reaching more than 12 year high of 18.72 percent in January of 2017.

Year-on-year, prices slowed for food and non-alcoholic beverages (17.6 percent compared to 18.9 percentin January); housing and utilities (7.9 percent compared to 8.3 percent) and clothing and footwear (14.4 percent compared to 14.8 percent). Additionally, cost eased for transport (12.3 percent compared to 12.4 percent); furnishings and household equipment (13.5 percent compared to 13.7 percent); education (10.6 percent compared to 10.9 percent) and recreation and culture (9.9 percent compared to 10.1 percent). Meanwhile, prices advanced faster for miscellaneous goods and services (12.1 percent compared to 11.7 percent); restaurants and hotels (11.1 percent compared to 10.8 percent); alcoholic beverages, tobacco and kola (8.9 percent compared to 8.8 percent) and communication (4.3 percent compared to 3.9 percent). Also, inflation was steady for health (11.5 percent , the same as in January). 

Annual core inflation which excludes price of volatile agricultural products declined to 11.7 percent, following a 12.1 percent rise in the previous month.

On a monthly basis, consumer prices remained unchanged, after a 0.8 percent increase in January.

Nigeria Inflation Rate Drops to Lowest Since 2016

National Bureau of Statistics | Stefanie Moya |
3/14/2018 9:16:11 AM