Nigeria Inflation Rate Edges Down to 15.91% in October

Consumer prices in Nigeria increased 15.91 percent year-on-year in October 2017, easing from 15.98 percent in September and in line with market expectations of 15.9 percent. The inflation slowed for the ninth consecutive month to its lowest level since May 2017 due to lower prices of education and housing utilities. Meantime, food inflation hit its highest level since July 2008 and transport prices increased further.

Year-on-year, consumer prices eased mostly for education (11.8 percent compared to 12.7 percent) and housing and utilities (8.5 percent compared to 8.8 percent). In addition, a slowdown was recorded for clothing and footwear (15.6 percent compared to 15.8 percent); alcoholic beverages, tobacco and kola (8.8 percent compared to 8.9 percent) and communication (2.7 percent compared to 2.8 percent). Also, inflation edged down for recreation and culture (10.0 percent compared to 10.1 percent). On the other hand, main upward pressure came from the rising cost of food and non-alcoholic beverages (21.3 percent compared to 20.3 percent) and transport (12.2 percent compared to 12.0 percent). In addition, prices rose at a faster pace for furnishings and household equipment (13.6 percent compared to 13.4 percent); health (11.2 percent compared to 11.1 percent); restaurants and hotels (10.2 percent compared to 9.9 percent) and miscellaneous goods and services (11.4 percent compared to 11.2 percent).

Among food items, main increases were recorded in prices of potatoes, yams and other tubers, meat, oil and fats, dairy products, bread and cereals, coffee, tea and cocoa, fish and vegetables.

Annual core inflation which excludes price of volatile agricultural products increased to 12.14 percent from 12.12 percent in the previous month.

On a monthly basis, consumer prices rose 0.76 percent, following a 0.78 percent increase in September.

Nigeria Inflation Rate Edges Down to 15.91% in October

National Bureau of Statistics | Marta Dubiel |
11/15/2017 10:45:55 AM