Nigeria Inflation Rate Slows Less Than Expected

Nigeria’s inflation rate decreased to 11.6 percent in May of 2018 from 12.5 percent in the prior month and slightly above market expectations of 11.4 percent. It was the lowest inflation rate since February of 2016, as prices of food & non-alcoholic beverages, housing & utilities, clothing & footwear and transport grew at a slower pace.

The inflation rate has been declining since reaching more than 12 year high of 18.7 percent in January of 2017.

Year-on-year, cost eased for food & non-alcoholic beverages (13.4 percent compared to 14.8 percent in April); housing & utilities (7 percent compared to 7.2 percent); clothing & footwear (11.8 percent compared to 12.7 percent); transport (11.2 percent compared to 11.6 percent); furnishings & household equipment (11.2 percent compared to 12.4 percent); education (9.9 percent compared to 10.1 percent); health (10.8 percent compared to 11 percent); miscellaneous goods & services (10.6 percent compared to 10.9 percent); restaurants & hotels (10.5 percent compared to 10.8 percent); alcoholic beverages, tobacco & kola (8.5 percent compared to 8.7 percent) and recreation & culture (7.9 percent compared to 8.4 percent). Meanwhile, cost went up faster for communication (5.1 percent compared to 4.9 percent).

Annual core inflation which excludes price of volatile agricultural products fell to 10.7 percent from 10.9 percent in the previous month.

On a monthly basis, consumer prices went up 1.1 percent, after rising 0.8 percent in April.

Nigeria Inflation Rate Slows Less Than Expected

National Bureau of Statistics | Gabriela Costa |
6/13/2018 4:32:20 PM