Nigeria Inflation Rate Decelerates to 7.8% in October

In October of 2013, Nigeria annual inflation rate slowed for the third straight month to a new 5-year low of 7.8 percent, as food prices continue its downward trend as a result of the harvest season.

Year-on-year, food prices decelerated for the third consecutive month in October to 9.22 percent, from 9.4 percent in the previous month. 

On a monthly basis food prices eased to 0.8 percent, from 0.9 percent in the previous month. Downward pressures came from cost of bread and cereals, meat, fish and dairy products. In contrast, upward pressures came from prices of oils and fats, fruits and vegetables. 

The core index, which excludes prices of volatile agricultural products, rose for the fourth month in a row to 7.6 percent in September, up by 0.2 percentage points from September’s figure. The increase was mainly due to higher prices of household textiles, clothing materials, other articles of clothing and clothing accessories, accommodation services and recreational and sport services. 

From September to October, prices remained unchanged at 0.75 percent.

Nigeria Inflation Rate Decelerates to 7.8% in October

National Bureau of Statistics | Joana Taborda |
11/14/2013 12:33:17 PM