The annual inflation rate in Nigeria rose to 11.44 percent in December of 2018 from 11.28 percent in the previous month. It is the highest inflation rate since May, as prices continued to advance mainly for food and housing & utilities. Inflation Rate in Nigeria averaged 12.47 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 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 12.30 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
2018-10-16 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%
2018-12-14 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 11.44% 11.6%
2019-03-15 08:00 AM Inflation Rate YoY 11.7%
2019-04-15 07:30 AM Inflation Rate YoY 11.5%



Nigeria December Inflation Rate at 7-Month High of 11.44%

The annual inflation rate in Nigeria rose to 11.44 percent in December of 2018 from 11.28 percent in the previous month. It is the highest inflation rate since May, as prices continued to advance mainly for food and housing & utilities.

Year-on-year, prices continued to advance for food & non-alcoholic beverages (13.51 percent vs 13.26 percent in November), mostly led by food (13.56 percent vs 13.30 percent), of which potatoes, yam and other tubers; bread & cereals; fish; milk, cheese and eggs; vegetables, fruits; oils & fats and meat; housing & utilities (7.43 percent vs 7.34 percent) and clothing & footwear (10.12 percent vs 9.97 percent). Additional upward pressure came from cost of: furnishings (9.76 percent vs 9.69 percent); education (9.80 percent vs 9.78 percent); health (9.81 percent vs 9.74 percent); alcoholic beverages, tobacco & kola (10.21 percent vs 9.96 percent); communications (7.43 percent vs 7.36 percent) and recreation & culture (8.72 percent vs 8.56 percent).

In contrast, inflation slowed for transport (10.08 percent vs 10.29 percent) and miscellaneous goods & services (9.58 percent vs 9.66 percent).

Annual core inflation which excludes price of volatile agricultural products stood at 9.8 percent in December, unchanged from November.

On a monthly basis, consumer prices went up 0.74 percent, following a 0.80 percent increase in the prior month.


National Bureau of Statistics Luisa Carvalho | luisa.carvalho@tradingeconomics.com
1/16/2019 9:07:24 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.44 11.28 47.56 -2.49 percent [+]
Consumer Price Index CPI 274.60 272.60 274.60 14.36 Index Points [+]
Core Consumer Prices 256.68 255.41 256.68 69.00 Index Points [+]
Core Inflation Rate 9.80 9.80 19.28 0.49 percent [+]
Food Inflation 13.56 13.30 39.54 -17.50 percent [+]
GDP Deflator 185.15 176.72 185.15 0.60 Index Points [+]
Cpi Housing Utilities 273.30 271.90 273.30 7.80 Index Points [+]
CPI Transportation 255.40 253.60 255.40 68.50 Index Points [+]
Inflation Rate Mom 0.80 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11.44 11.28 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




Country Last Previous
Argentina 47.10 Dec/18
Australia 1.90 Sep/18
Brazil 3.75 Dec/18
Canada 2.00 Dec/18
China 1.90 Dec/18
Euro Area 1.60 Dec/18
France 1.60 Dec/18
Germany 1.70 Dec/18
India 2.19 Dec/18
Indonesia 3.13 Dec/18
Italy 1.10 Dec/18
Japan 0.30 Dec/18
Mexico 4.83 Dec/18
Netherlands 2.00 Dec/18
Russia 4.30 Dec/18
Saudi Arabia 2.20 Dec/18
Singapore 0.30 Nov/18
South Africa 5.20 Nov/18
South Korea 1.30 Dec/18
Spain 1.20 Dec/18
Switzerland 0.70 Dec/18
Turkey 20.30 Dec/18
United Kingdom 2.10 Dec/18
United States 1.90 Dec/18


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