Nigeria Inflation Falls to 6-Year Low

In February of 2014, Nigeria annual inflation rate decelerated to 7.7 percent, down from 8 percent in January, as all consumer prices slowed. The central bank targets consumer inflation between 6 and 9 percent.

Year-on-year, food prices recorded the highest increase (9.21 percent, slightly down from 9.27 percent in January), followed by cost of clothing and footwear (7.14 percent versus 7.56 percent a month earlier) and recreation and culture (7.05 percent versus 7.2 percent in January).

Prices of recreation and culture slowed the most in February (6.11 percent from 6.7 percent in January), followed by housing, water, electricity and gas (5.21 percent from 5.78 percent in January) and transport cost (down by 0.53 percentage point to 6.4 percent). 

On a monthly basis, prices decelerated for the second consecutive month to 0.5 percent, marginally lower than the 0.64 percent increase recorded in January.  

In contrast, core inflation rate accelerated in February to an annual 7.2 percent, up from 6.6 percent in January. On a monthly basis, core prices rose 0.5 percent due to higher cost of appliances, articles and products for personal care, repair of household appliances and cars.

Nigeria Inflation Falls to 6-Year Low

National Bureau of Statistics | Joana Taborda |
3/17/2014 5:01:05 PM