Nigeria Inflation Rate at Nearly 4-Year High

Consumer prices in Nigeria increased 12.8 percent year-on-year in March of 2016, following a 11.4 percent jump in the previous month. It was the highest figure since July 2012, mainly boosted by food prices.

Year-on-year, food cost made the biggest upward contribution (prices increased 12.7 percent following an 11.3 percent rise in February). Additional upward pressure came from cost of housing, water, electricity and gas (15.9 percent from 13.9 percent in February) ; clothing and footwear (12.0 percent from 10.6 percent); transport (13.2 percent from 11.5 percent); furnishings and household equipment (9.1 percent from 8 percent); education (12.9 percent from 12.1 percent); health (8.9 percent from 8.6 percent); miscellaneous goods and services (10.3 percent from 9.5 percent) and alcoholic beverages, tobacco and kola (10.9 percent from 9.9 percent). Prices of restaurants and hotels increased by 8.7 percent slowing slightly from an 8.9 percent rise in February.

Annual core inflation rate increased to 12.2 percent from 11 percent in the previous month.

On a monthly basis, consumer prices went up 2.2 percent, slowing  from a 2.3 percent rise in February, mainly driven by cost of food (+2.3 percent); housing, water, electricity and gas (+2.4 percent) and clothing and footwear both (+2.2 percent). 

Nigeria Inflation Rate at Nearly 4-Year High

National Bureau of Statistics | Mojdeh Kazemi |
4/12/2016 1:17:01 PM