Nigeria Inflation Rate Falls Slightly to 16.01% in August

Consumer Prices in Nigeria increased 16.01 percent year-on-year in August of 2017, following a 16.05 percent rise in July and in line with market expectations of 16 percent. It is the seventh consecutive decline in inflation and a new low since May of 2016. The highest increases were seen in prices of clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear. On the other hand, food inflation edged down to 20.25 percent from 20.28 percent in July which was the highest since the new CPI series began in 2009.

Year-on-year, prices rose less for housing and utilities (9.15 percent compared to 9.56 percent in July); education (13.89 percent compared to 14.99 percent), alcoholic beverages, tobacco and Kola (9.22 percent compared to 9.50 percent) and communication (2.94 percent compared to 3.04 percent).  On the other hand, prices rose faster for transport (11.82 percent compared to 11.74 percent), clothing and footwear (15.92 percent compared to 15.77 percent) and restaurants and hotels (9.46 percent compared to 8.77 percent).

Among food items, increases were mainly seen in prices for bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa.

Annual core inflation which excludes prices of volatile agricultural products increased to 12.30 percent from 12.21 percent in July.

On a monthly basis, consumer prices rose 0.97 percent, following a 1.21 percent increase in July. 

Nigeria Inflation Rate Falls Slightly to 16.01% in August

National Bureau of Statistics | Marta Dubiel |
9/15/2017 12:15:40 PM