Nigeria Inflation Rate Slows Slightly in October

Consumer prices in Nigeria went up 9.3 percent year-on-year in October of 2015 after rising 9.4 percent in the previous month. The inflation rate eased for the first time in eleven months mainly due to slower increases in cost of food, housing and utilities.

Year-on-year, food inflation slowed to 10.1 percent from 10.2 percent in September, as cost of bread, cereals, milk, egg, cheese, potatoes, yams and other tuber groups rose less than in the previous month. Prices of housing, water, electricity, gas and other fuel went up 7.6 percent (7.8 percent in September), clothing and footwear increased 9.4 percent (9.5 percent in September) and transport prices grew 9.2 percent (9.1 percent in September).

Annual core inflation rate eased for the second consecutive month to 8.7 percent from 8.9 percent in September.

On a monthly basis, consumer prices increased 0.4 percent, the smallest gain since August of 2013, as the seasonal effects of the Muslim festive period dissipated.

Nigeria Inflation Rate Slows Slightly in October

National Bureau of Statistics | Joana Taborda |
11/16/2015 3:54:40 PM