Nigeria's consumer price inflation fell to 11.22 percent year-on-year in June 2019 from 11.40 percent in the previous month. That was the lowest inflation rate since July 2018, as prices rose at a softer pace for almost all categories. Annual core inflation, which excludes price of volatile agricultural products, fell to 8.84 percent in June, its lowest level since January 2016. Inflation Rate in Nigeria averaged 12.44 percent from 1996 until 2019, 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 11.90 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 11.80 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 11.40 percent in 2020, according to our econometric models.

Nigeria Inflation Rate
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2019-04-16 08:00 AM Inflation Rate YoY 11.25% 11.31% 11.2% 11.2%
2019-05-15 07:50 AM Inflation Rate YoY 11.37% 11.25% 11.0%
2019-06-17 11:05 AM Inflation Rate YoY 11.40% 11.37% 11.5%
2019-07-15 11:00 AM Inflation Rate YoY 11.22% 11.40% 11.7%
2019-08-16 08:00 AM Inflation Rate YoY 11.22% 11.3%
2019-09-13 08:00 AM Inflation Rate YoY 11.7%
2019-10-14 08:00 AM Inflation Rate YoY 11.9%



Nigeria Inflation Rate Eases to 11-Month Low

Nigeria's consumer price inflation fell to 11.22 percent year-on-year in June 2019 from 11.40 percent in the previous month. That was the lowest inflation rate since July 2018.

Year-on-year, prices advanced at a softer pace for food (13.56 percent vs 13.79 percent in May); housing and utilities (7.14 percent vs 7.24 percent); clothing and footwear (9.86 percent vs 9.94 percent); transport (8.88 percent vs 9.07 percent); furnishings and household equipment maintenance (9.24 percent vs 9.37 percent); education (8.82 percent vs 9.09 percent); health (9.30 percent vs 9.44 percent); miscellaneous goods and services (8.55 percent vs 8.70 percent); restaurants and hotels (8.24 percent vs 8.48 percent); alcoholic beverage, tobacco and kola (10.28 percent vs 10.42 percent); and recreation and culture (8.05 percent vs 8.26 percent).

On the other hand, communication inflation picked up to 7.73 percent in June from 7.67 percent in May.

Annual core inflation, which excludes price of volatile agricultural products, fell to 8.84 percent in June, its lowest level since January 2016, from 9.03 percent in May.

On a monthly basis, consumer prices were up 1.07 percent, little-changed from a 1.11 percent increase in May.


National Bureau of Statistics | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/15/2019 11:53:25 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.22 11.40 47.56 -2.49 percent [+]
Consumer Price Index CPI 289.70 286.60 289.70 14.36 Index Points [+]
Core Consumer Prices 267.88 265.62 267.88 69.00 Index Points [+]
Core Inflation Rate 8.80 9.00 19.28 0.49 percent [+]
Food Inflation 13.56 13.79 39.54 -17.50 percent [+]
GDP Deflator 193.63 185.02 193.63 0.60 Index Points [+]
Cpi Housing Utilities 283.60 281.80 283.60 7.80 Index Points [+]
CPI Transportation 266.50 264.60 266.50 68.50 Index Points [+]
Inflation Rate Mom 1.10 1.10 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11.22 11.40 47.56 -2.49 1996 - 2019 percent Monthly
2009=100




Country Last Previous
Argentina 57.30 May/19
Australia 1.30 Mar/19
Brazil 3.37 Jun/19
Canada 2.40 May/19
China 2.70 Jun/19
Euro Area 1.20 Jun/19
France 1.20 Jun/19
Germany 1.60 Jun/19
India 3.18 Jun/19
Indonesia 3.28 Jun/19
Italy 0.80 Jun/19
Japan 0.70 May/19
Mexico 3.95 Jun/19
Netherlands 2.70 Jun/19
Russia 4.70 Jun/19
Saudi Arabia -1.50 May/19
Singapore 0.90 May/19
South Africa 4.50 May/19
South Korea 0.70 Jun/19
Spain 0.40 Jun/19
Switzerland 0.60 Jun/19
Turkey 15.72 Jun/19
United Kingdom 2.00 May/19
United States 1.60 Jun/19


Related

Latest