Nigeria Inflation Rate Accelerates in November

In November of 2013, Nigeria inflation rate edged up for the first time in four months to 7.9 percent, mainly due to higher food prices. The October reading at 7.8 percent was the lowest in more than five years.

Year-on-year, food cost rose 9.37 percent, slightly up from 9.22 percent in October, due to higher prices of meat, fish, bread and cereals. However, the impact of the harvest continues to be observed in some prices as moderations were observed in dairy, fruit, vegetables, coffee, tea and cocoa. Cost of clothing accelerated to 7.6 percent (7.27 percent a month earlier); housing rose 6.17 percent (5.8 percent in October); transport increased 0.2 percent to 6.9 percent and health cost slightly went up to 6.89 percent.

The core index, which excludes prices of volatile agricultural products, rose for the fifth month in a row to 7.8 percent (7.6 percent in October). The increase was mainly due to higher prices of furniture and furnishings, vehicle spare parts, garments and clothing materials.

On a monthly basis, prices slightly decelerated to 0.72 percent (0.75 percent in October). 

 Nigeria Inflation Rate Accelerates in November

National Bureau of Statistics | Joana Taborda |
12/16/2013 1:35:12 PM