Nigerian Inflation Rate Edges Up Slightly in March


Consumer prices in Nigeria accelerated 7.8 percent in March of 2014 from 7.7 percent recorded in February, as food cost edged up.

Upward pressures came mostly from food prices (+9.3 percent yoy compared with 9.2 percent in February of 2014), due to higher cost of bread and cereals, fish, dairy, oils, fats, and fruits. On the other hand, prices decelerated for meats, vegetables, potatoes, yams and other tubers. 

Also, prices accelerated for housing, water, electricity, gas and other fuel (5.3 percent yoy from 5.2 percent), furnishings and household equipment maintenance (7.0 percent from 6.7 percent) and transport (6.7 percent from 6.4 percent), while education cost slowed (6.3 percent from 6.5 percent).

Prices remained unchanged for clothing and footwear (7.1 percent), alcoholic beverage, tobacco and kola (6.2 percent), and health (7.0 percent).

Urban prices increased at a faster rate in March (7.9 percent yoy, from 7.8 percent) while rural prices decelerated (7.6 percent from 7.7 percent).

On a monthly basis, the inflation rate accelerated in March to 0.78 percent, up from 0.46 percent recorded in the previous month. Higher costs were recorded for alcoholic beverages, tobacco and kola (0.5 percent month-over-month from 0.4 percent in February of 2014), housing, water, electricity gas and other fuel (0.6 percent from 0.4 percent), furnishings and household equipment (0.7 percent from 0.3 percent), health (0.6 percent from 0.5 percent), transport (0.7 percent from 0.4 percent), and education (0.5 percent from 0.3 percent).

Nigerian Inflation Rate Edges Up Slightly in March


National Bureau of Statistics | Isabel Felino | isabel.felino@tradingeconomics.com
5/10/2014 11:04:41 PM