Nigeria Inflation Rate Remains Lowest Since 2016

Consumer prices in Nigeria increased 15.9 percent year-on-year in November of 2017, nearly the same as in the previous month. Still, the inflation remained at its lowest level since May of 2016 as cost increased less for housing and utilities and clothing and footwear. Meantime, food inflation also remained almost unchanged at 20.3 percent.

Year-on-year, consumer prices rose at softer pace for housing and utilities (8.4 percent compared to 8.5 percent in October); clothing and footwear (15.4 percent compared to 15.6 percent) and education (11.4 percent compared to 11.8 percent). In addition, a slowdown was recorded for  alcoholic beverages, tobacco and kola (8.7 percent compared to 8.8 percent) and recreation and culture (10.0 percent compared to 10.1 percent). Meantime, inflation was steady for food and non-alcoholic beverages (20.2 percent) with cost increasing the most for  bread and cereal, milk, cheese, eggs, coffee, tea, cocoa, fish and oil and fats. In contrast, prices went up at a faster pace for transport (12.4 percent compared to 12.2 percent); furnishings and household equipment (13.8 percent compared to 13.6 percent); health (11.4 percent compared to 11.2 percent); miscellaneous goods and services (11.7 percent compared to 11.4 percent) and restaurants and hotels (10.6 percent compared to 10.2 percent) and communication (3.1 percent compared to 2.7 percent). 

Annual core inflation which excludes price of volatile agricultural products increased to 12.21 percent from 12.14 percent in the previous month.

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

 Nigeria Inflation Rate Remains Lowest Since 2016

National Bureau of Statistics | Stefanie Moya |
12/18/2017 12:42:44 PM