Nigeria Inflation Rate Slows to 5-Year Low in August

In August of 2013, Nigerian annual inflation rate eased to 8.2 percent, the lowest rate in more than five years, as food prices decelerated due to the onset of the harvest season.

Year-on-year, the heavily weighted food index slightly slowed to 9.65 in August, from 9.95 percent in July. Prices of housing, water, electricity, gas and other fuels eased to 7.1 percent, from 8.2 percent in the previous month and cost of clothing and footwear decelerated to 7.1 percent from 7.6 percent in July. Transport prices slowed to 6.6 percent, from 7.14 percent in the previous period. 

The core index, which excludes prices of volatile agricultural products, increased for the second consecutive month by an annual 7.2 percent in August, from 6.6 percent in July. The increase was mainly due to higher prices of educational materials as a result of onset of the academic year, clothing and garment, rental prices, and road transportation prices, particularly in urban areas due to the movement of people during the Muslim holiday. 

On a month-over-month basis, prices eased to 0.3 percent, from 0.54 percent in July. 

Nigeria Inflation Rate Slows to 5-Year Low in August

National Bureau of Statistics | Joana Taborda |
9/18/2013 10:18:45 AM