Nigeria Inflation Rate at 3-Year High

Consumer prices in Nigeria went up 9.6 percent year-on-year in December of 2015, compared to a 9.4 percent rise in the previous month. The inflation rate reached the highest since December of 2012 as a falling naira keeps pushing import prices up, mainly food.

Food prices recorded the highest increase (up 10.6 percent year-on-year): all major food groups contributed to the increase with the exception of milk, cheese and eggs. Additional upward pressure came from transport (+10.24 percent), clothing and footwear (+9.78 percent); education (+9.38 percent); alcoholic beverage and tobacco (+9.03 percent), miscellaneous goods & services (+9.01 percent), restaurant & hotels (+8.69 percent), health (+7.98 percent) and housing water electricity gas (+7.46 percent).

Annual core inflation rate which excludes prices of volatile agricultural products was unchanged at 8.7 percent for the second consecutive month.

On a monthly basis, consumer prices increased 1 percent, compared to a 0.7 percent growth in November and the highest rate since May.

Nigeria Inflation Rate at 3-Year High

National Bureau of Statistics | Mojdeh |
1/18/2016 11:53:34 AM