Nigeria Inflation Rate Down to 5-Year Low in June

In June of 2013, Nigeria's annual inflation rate dropped to 8.4 percent, from 9 percent in May, the lowest rate since April of 2008, as non-food prices slowed down.

In June, prices for housing, water, electricity, gas and other fuels eased to 7.8 percent from 12.5 percent in May while cost of clothing and footwear increased 7.2 percent, from 6.9 percent in the previous month. The heavily weighted food index increased 9.5 percent year-on-year, up from 9.3 percent recorded in May. 

In June, urban CPI rose 8.4 percent, lower than 9.4 percent recorded in May, while the rural CPI rose 8.3 percent, down from 8.6 percent in the previous month.

The core index, which excludes prices of volatile agricultural products, increased by 5.5 percent year-on-year, lower than 6.2 percent recorded in May. This is the fourth consecutive month of muted year-on-year changes in the Core sub-index due to base effects.

On a month-over-month basis, prices eased to 0.59 percent in June, from 0.67 percent in May, due to slower price increases in all non-food items. In contrast, from May to June, food prices increased at a faster rate as the country goes deep into the planting season. Food supplies continue to be tight as inventories decline, creating upward pressure on prices.

 Nigeria Inflation Rate Down to 5-Year Low in June

National Bureau of Statistics | Joana Taborda |
7/17/2013 9:58:25 AM