Nigeria Inflation Rate Slows in October


Nigerian annual inflation rate eased for the second consecutive month to 8.1 percent in October of 2014 from 8.3 percent in September, as food prices posted the lowest gain since March.

Year-on-year, prices of food and non-alcoholic beverages rose 9.6 percent, the same rate recorded in September while the food alone index increased at a slower 9.3 percent in October (9.7 percent in the previous month). Other downward contributions came from housing cost (went up 6.1 percent following a 6.3 percent increase in September), clothing and footwear (7.5 percent from 7.7 percent) and transport (6.7 percent from 6.9 percent).

On a monthly basis, consumer prices decelerated marginally (0.51 percent from 0.55 percent in September). Food prices increased 0.5 percent, down from 0.6 percent in the previous month, with coffee, tea and cocoa; fish, dairy, and fruit recording the highest price increases. 

Nigeria Inflation Rate Slows in October


National Bureau of Statistics | Ricardo Martins | ricardo.martins@tradingeconomics.com
11/10/2014 11:35:16 AM