Nigeria Inflation Rate Down to 7.9%

Nigerian annual inflation rate eased for the third straight month to 7.9 percent in November of 2014, slightly down from 8.1 percent in the previous month due to lower food prices.

Year-on-year, food prices rose 9.1, following a 9.3 percent increase in October. While the majority of groups that contribute to the food index declined, price increases were observed for vegetables, coffee, tea and cocoa. Meat increased at roughly the same pace relative to October.

Cost of housing, water, electricity, gas and other fuels increased 5.89 percent (6.1 percent in October); transport prices rose 6.59 percent (6.7 percent in the previous month) and education cost advanced 6.6 percent, the same rate recorded a month earlier.

On a month-on-month basis, consumer prices grew 0.59 percent in November, up from 0.51 percent in October. Food prices increased by 0.6 percent in November, after reaching the year’s low in October (0.5 percent). The highest price increases were recorded for coffee, tea, cocoa, fish, meat and fruit.

The core index, which excludes prices of volatile agricultural, increased at the same pace (6.3 percent year-on-year) for the fourth consecutive month in November. The increase was mainly due to higher prices of fuels, non-durable goods and transport.

Nigeria Inflation Rate Down to 7.9%

National Bureau of Statistics | Carolina Cunha |
12/15/2014 4:02:40 PM