Nigeria's annual inflation rate dropped to 11.31 percent in February 2019 from 11.37 percent in the previous month, as prices rose at a slower pace for all categories. Inflation Rate in Nigeria averaged 12.46 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 11.50 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 12.00 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
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-14 08:00 AM Inflation Rate YoY 11.28% 11.26% 11.3%
2019-01-16 08:00 AM Inflation Rate YoY 11.44% 11.28% 11.3%
2019-02-15 08:00 AM Inflation Rate YoY 11.37% 11.44% 11.5% 11.6%
2019-03-15 08:00 AM Inflation Rate YoY 11.31% 11.37% 11.7%
2019-04-15 08:00 AM Inflation Rate YoY 11.31% 11.2%
2019-05-20 08:00 AM Inflation Rate YoY 11.0%
2019-06-17 08:00 AM Inflation Rate YoY 10.9%



Nigeria Inflation Rate Falls Further in February

Nigeria's annual inflation rate dropped to 11.31 percent in February 2019 from 11.37 percent in the previous month, as prices rose at a slower pace for all categories.

Food inflation fell to 13.47 percent in February from 13.51 percent in the previous month. In addition, prices rose at a softer pace for: housing & utilities (7.24 percent vs 7.35 percent); clothing & footwear (10.08 percent vs 10.14 percent); transport (9.57 percent vs 9.80 percent); furnishings & household equipment maintenance (9.59 percent vs 9.70 percent); education (9.64 percent vs 9.70 percent); health (9.69 percent vs 9.81 percent); miscellaneous goods & services (9.25 percent vs 9.40 percent); restaurants & hotels (9.04 percent vs 9.20 percent); recreation & culture (8.66 percent vs 8.71 percent); and communication (7.43 percent vs 7.48 percent).

Annual core inflation, which excludes price of volatile agricultural products, edged down to 9.8 percent in February from 9.9 percent in January.
 
On a monthly basis, consumer prices went up 0.7 percent, the same pace as in January.


National Bureau of Statistics | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/15/2019 11:31:43 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.31 11.37 47.56 -2.49 percent [+]
Consumer Price Index CPI 278.60 276.60 278.60 14.36 Index Points [+]
Core Consumer Prices 260.44 258.75 260.44 69.00 Index Points [+]
Core Inflation Rate 9.80 9.90 19.28 0.49 percent [+]
Food Inflation 13.47 13.51 39.54 -17.50 percent [+]
GDP Deflator 185.02 184.54 185.15 0.60 Index Points [+]
Cpi Housing Utilities 276.10 274.70 276.10 7.80 Index Points [+]
CPI Transportation 259.00 257.30 259.00 68.50 Index Points [+]
Inflation Rate Mom 0.70 0.70 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 March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11.31 11.37 47.56 -2.49 1996 - 2019 percent Monthly
2009=100




Country Last Previous
Argentina 50.70 Feb/19
Australia 1.80 Dec/18
Brazil 3.89 Feb/19
Canada 1.50 Feb/19
China 1.50 Feb/19
Euro Area 1.50 Feb/19
France 1.30 Feb/19
Germany 1.50 Feb/19
India 2.57 Feb/19
Indonesia 2.57 Feb/19
Italy 1.00 Feb/19
Japan 0.20 Feb/19
Mexico 3.94 Feb/19
Netherlands 2.60 Feb/19
Russia 5.20 Feb/19
Saudi Arabia -2.20 Feb/19
Singapore 0.40 Jan/19
South Africa 4.10 Feb/19
South Korea 0.50 Feb/19
Spain 1.10 Feb/19
Switzerland 0.60 Feb/19
Turkey 19.67 Feb/19
United Kingdom 1.90 Feb/19
United States 1.50 Feb/19


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