Nigeria's annual inflation dropped further to 11.02 percent in August 2019 from 11.08 percent in the prior month. It was the lowest inflation rate since January 2016, despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures. Prices slowed mostly for food amid the ongoing harvest season. 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 11.20 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 11.20 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 10.70 percent in 2020, according to our econometric models.

Nigeria Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-17 11:05 AM Inflation Rate YoY May 11.40% 11.37% 11.5%
2019-07-15 11:00 AM Inflation Rate YoY Jun 11.22% 11.40% 11.7%
2019-08-16 07:40 AM Inflation Rate YoY Jul 11.08% 11.22% 11.2% 11.1%
2019-09-17 07:30 AM Inflation Rate YoY Aug 11.02% 11.08% 11.3%
2019-10-14 08:00 AM Inflation Rate YoY Sep 11.02% 11.2%
2019-11-14 08:00 AM Inflation Rate YoY Oct 11.3%
2019-12-13 08:00 AM Inflation Rate YoY Nov 11.3%



Nigeria Inflation Rate Lowest since 2016

Nigeria's annual inflation dropped further to 11.02 percent in August 2019, the lowest since January 2016, from 11.08 percent in the prior month. Prices slowed mostly for food amid the ongoing harvest season.

Year-on-year, prices continued to ease primarily for food (13.17 percent vs 13.39 percent in July), as a result of a favourable harvest, despite several pronouncements regarding restrictions on the import of some food items and the recent border closures with Benin and Niger to avoid rice smuggling that is threatening the country's attempt to boost local production. With respect to the latter, no significant impact in prices was observed because the border was only closed from 20 August 2019. Also, cost advanced less for clothing & footwear (9.77 percent vs 9.83 percent) and alcoholic beverages, tobacco and kola (10.05 percent vs 10.16 percent).

In contrast, inflation edged higher for housing & utilities (7.26 percent vs 7.08 percent); transport (8.85 percent vs 8.71 percent); furnishings & household equipment maintenance (9.17 percent vs 9.12 percent); education (8.62 percent vs 8.57 percent); health (9.13 percent vs 9.05 percent); miscellaneous goods & services (8.54 percent vs 8.41 percent); restaurants & hotels (8.11 percent vs 8.07 percent); recreation & culture (7.91 percent vs 7.82 percent) and communications (7.81 percent vs 7.76 percent).

Annual core inflation, which excludes price of volatile agricultural products, fell to 8.68 percent in August, its lowest level since June 2015, from 8.80 percent in the previous month.

On a monthly basis, consumer prices went up 0.99 percent, slightly below a 1.01 percent increase in the previous month.



National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/17/2019 2:58:55 PM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.02 11.08 47.56 -2.49 percent [+]
Consumer Price Index CPI 295.50 292.60 295.50 14.36 Index Points [+]
Core Consumer Prices 271.75 269.95 271.75 69.00 Index Points [+]
Core Inflation Rate 8.70 8.80 19.28 0.49 percent [+]
Food Inflation 13.17 13.39 39.54 -17.50 percent [+]
GDP Deflator 206.74 193.63 206.74 0.60 Index Points [+]
Cpi Housing Utilities 287.30 285.50 287.30 7.80 Index Points [+]
CPI Transportation 270.50 268.50 270.50 68.50 Index Points [+]
Inflation Rate Mom 1.00 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11.02 11.08 47.56 -2.49 1996 - 2019 percent Monthly
2009=100




Country Last Previous
Argentina 53.60 Aug/19
Australia 1.60 Jun/19
Brazil 3.43 Aug/19
Canada 1.90 Aug/19
China 2.80 Aug/19
Euro Area 1.00 Aug/19
France 1.00 Aug/19
Germany 1.40 Aug/19
India 3.21 Aug/19
Indonesia 3.49 Aug/19
Italy 0.40 Aug/19
Japan 0.30 Aug/19
Mexico 3.16 Aug/19
Netherlands 2.80 Aug/19
Russia 4.30 Aug/19
Saudi Arabia -1.30 Jul/19
Singapore 0.40 Jul/19
South Africa 4.30 Aug/19
South Korea 0.00 Aug/19
Spain 0.30 Aug/19
Switzerland 0.30 Aug/19
Turkey 15.01 Aug/19
United Kingdom 1.70 Aug/19
United States 1.70 Aug/19


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