Nigeria Inflation Rate Edges Up in March

Nigerian annual inflation rate rose for the fourth consecutive month to 8.5 percent in March of 2015, touching the highest in 7 months and driven by food prices.

Compared to March of 2014, food cost grew 9.4 percent, the same pace of February, and imported food prices grew 8.9 percent.

Additional upward pressures came from: housing, water, electricity and gas (+6.6 percent); clothing and footwear (+8.8 percent); transport prices (+7.3 percent); furnishings and household equipment (+8.9 percent); education (+7.8 percent); health (+7.9 percent); miscellaneous goods and services (+8.3 percent); hotels, cafés and restaurants (8.7 percent); alcoholic beverages, tobacco and kola (+8.2 percent).

Annual core inflation rate grew to 7.5 percent from 7.0 percent last month.

On a monthly basis, consumer prices rose 0.9 percent as food cost went up 1 percent (+0.7 percent in February) boosted by higher cost of fruit, fish, potatoes and other food products.

Nigeria Inflation Rate Edges Up in March

National Bureau of Statistics | Joana Ferreira |
4/16/2015 12:45:35 PM