Nigeria Inflation Rate Hits Fresh 11-Year High
Consumer prices in Nigeria went up by 17.9 percent year-on-year in September of 2016, following a 17.6 percent rise in the previous month and in line with market expectations. It was the highest reading since October 2005 boosted by cost of food, housing and utilities and transport.
10/14/2016 4:42:07 PM
Compared to September 2015, cost of food increased by 16.6 percent (16.4 percent in August); housing, water, electricity and gas surged by 26.3 percent (25.9 percent). Other contributors to the rise were: clothing and footwear (17.2 percent from 16.7 percent); transport (18 percent from 17.9 percent); furnishings and household equipment (12.4 percent, the same as in August); education (18.4 percent, the same as in August); health (10.9 percent, the same as in August); miscellaneous goods and services (12.7 percent from 12.5 percent); alcoholic beverages, tobacco and cola (14.9 percent from 14.8 percent) and restaurants and hotels (9.4 percent from 9.7 percent).
Annual core inflation rate went up to 17.7 percent from 17.2 percent in the previous month.
On a monthly basis, inflation slowed to 0.8 percent from 1 percent in August, as prices rose at a slower pace for food (0.8 percent from 1.6 percent); housing, water, electricity and gas (0.8 percent from 1.7 percent); transport (0.6 percent from 1.3 percent) and clothing and footwear (1 percent from 1.1 percent).