Nigeria Inflation Rate Up to 8.5% in August

Nigeria annual inflation rate accelerated for the sixth consecutive month to 8.5 percent in August of 2014 from 8.3 percent in the previous month due to rising food and transport cost.

Prices of food and non-alcoholic beverages accelerated slightly to 9.95 percent in August from 9.86 percent in July. The food alone index rose 10 percent.

Additional upward pressures came from transport cost (up 7.3 percent in August from 6.8 percent in July), housing (6.45 percent from 5.98 percent) and clothing and footwear (7.91 percent from 7.58 percent). 

On a monthly basis, consumer prices rose 0.48 percent in August, slowing from a 0.65 percent increase in July.

Nigeria Inflation Rate Up to 8.5% in August

National Bureau of Statistics | Joana Taborda |
9/15/2014 3:15:05 PM