The annual inflation rate in Nigeria fell to 11.26 percent in October of 2018 from 11.28 percent in the previous month and below market expectations of 11.33 percent. The slowdown in the inflation rate mainly reflected lower cost of food. Inflation Rate in Nigeria averaged 12.48 percent from 1996 until 2018, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000.

Inflation Rate in Nigeria is expected to be 10.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Nigeria to stand at 12.50 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 11.20 percent in 2020, according to our econometric models.

Nigeria Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-14 11:00 AM Inflation Rate YoY 11.23% 11.14% 11.11% 11.2%
2018-10-16 07:30 AM Inflation Rate YoY 11.28% 11.23% 11.4%
2018-11-21 10:00 AM Inflation Rate YoY 11.26% 11.28% 11.33% 11.3%
2018-12-13 09:00 AM Inflation Rate YoY 11.26% 10.5%



Nigeria Annual Inflation Rate Slows to 11.26% in October


The annual inflation rate in Nigeria fell to 11.26 percent in October of 2018 from 11.28 percent in the previous month and below market expectations of 11.33 percent. The slowdown in the inflation rate mainly reflected lower cost of food.

Year-on-year, prices eased food & non alcoholic beverages (13.24 percent compared to 13.27 percent in September), namely food (13.28 percent compared to 13.31 percent); clothing & footwear (9.98 percent compared to 10.03 percent); transport (10.37 percent compared to 10.50 percent); furnishings & household equipment maintenance (9.72 percent compared to 9.79 percent); education (9.85 percent compared to 9.92 percent) and miscellaneous goods & services (9.76 percent compared to 9.85 percent).

On the other hand, cost increased faster for housing & utilities (7.28 percent compared to 7.27 percent); health (9.70 percent compared to 9.65 percent); restaurants & hotels (9.42 percent to 9.39 percent); recreation & culture (8.38 percent compared to 8.32 percent) and communication (7.29 percent compared to 6.79 percent).

Annual core inflation which excludes price of volatile agricultural products rose to 9.88 percent in October from 9.84 percent in the prior month.

On a monthly basis, consumer prices went up 0.7 percent, slowing from a 0.8 percent gain in September.


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
11/21/2018 11:57:59 AM


Recent Releases

Nigeria Inflation Rate at 4-Month High of 11.28%
Nigeria's annual inflation rate rose further to 11.28 percent in September of 2018 from 11.23 percent in August. It was the highest inflation rate since May, amid a generalized increase in prices. On a monthly basis, consumer prices went up 0.84 percent, easing from a 1.05 percent gain in the prior month.
Published on 2018-10-16

Nigeria Annual Inflation Rate Rises to 11.2% in August
Nigeria’s annual inflation rate increased to 11.23 percent in August of 2018 from 11.14 percent in July and above market expectations of 11.11 percent. It was the first rise in inflation rate after being declining since January 2017, when it reached a 12 year high of 18.7 percent.
Published on 2018-09-14

Nigeria Inflation Rate Falls to New 2-1/2-Year Low
Nigeria's annual inflation rate eased further to 11.14 percent in July 2018 from 11.23 percent in the previous month, and matched market expectations of 11.1 percent. It was the lowest inflation rate since January 2016.
Published on 2018-08-15

Nigeria Inflation Rate at 29-Month Low of 11.23%
Inflation rate in Nigeria eased further to 11.23 percent in June of 2018 from 11.61 percent in the previous month. It compares with market expectations of 11.05 percent. Still, it was the lowest inflation rate since January of 2016.
Published on 2018-07-23



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.26 11.28 47.56 -2.49 percent [+]
Consumer Price Index CPI 270.40 268.40 270.40 14.36 Index Points [+]
Core Consumer Prices 253.67 251.65 253.67 69.00 Index Points [+]
Core Inflation Rate 9.90 9.80 19.28 0.49 percent [+]
Food Inflation 13.28 13.31 39.54 -17.50 percent [+]
GDP Deflator 185.15 176.72 185.15 0.60 Index Points [+]
Cpi Housing Utilities 270.40 269.20 270.40 7.80 Index Points [+]
CPI Transportation 251.80 250.10 251.80 68.50 Index Points [+]
Inflation Rate Mom 0.70 0.80 8.93 -3.50 percent [+]


Nigeria Inflation Rate

In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states. The most important categories in the CPI are Food and Non Alcoholic Beverages (51.8 percent of total weight); Housing, Water, Electricity, Gas and Other Fuel (16.7 percent) and Clothing and Footwear (7.7 percent). Transports account for 6.5 percent of total index and Furnishings and Household Equipment Maintenance for 5 percent. Education represents 3.9 percent of total weight, Health 3 percent, Miscellaneous Goods and Services 1.7 percent and Restaurants and Hotels 1.2 percent. Alcoholic Beverages, Tobacco and Kola account for 1.1 percent of total index, Communications for 0.7 percent and Recreation and Culture for the remaining 0.7 percent. This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Inflation Rate - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
11.26 11.28 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




Country Last
Argentina 45.50 Oct/18
Australia 1.90 Sep/18
Brazil 4.56 Oct/18
Canada 2.20 Sep/18
China 2.50 Oct/18
Euro Area 2.20 Oct/18
France 2.20 Oct/18
Germany 2.50 Oct/18
India 3.31 Oct/18
Indonesia 3.16 Oct/18
Italy 1.60 Oct/18
Japan 1.20 Sep/18
Mexico 4.90 Oct/18
Netherlands 2.10 Oct/18
Russia 3.50 Oct/18
Saudi Arabia 2.10 Sep/18
Singapore 0.70 Sep/18
South Africa 5.10 Oct/18
South Korea 2.00 Oct/18
Spain 2.30 Oct/18
Switzerland 1.10 Oct/18
Turkey 25.24 Oct/18
United Kingdom 2.40 Oct/18
United States 2.50 Oct/18


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