Nigeria Inflation Rate Unchanged at 8% in January

In January of 2014, Nigeria annual inflation rate remained steady at 8 percent. All major prices were relatively unchanged for the second consecutive month at the single digit rate.

Food prices, which are the biggest contributor to the headline index, have risen at the same rate over the past three months at 9.3 percent. Cost of yams, potatoes and other tubers increased at relatively the same rate in December and in January, while prices of meat, fish, dairy and fruit rose at a faster pace. Downward pressures came from prices of vegetables, oils and fats.  

On a monthly basis, the CPI eased in January to 0.64 percent, marginally lower than the 0.78 percent recorded in December of 2013. Food prices increased by 0.8 percent, slightly lower than the 0.9 percent in the previous month. The highest price increases were recorded for fish, coffee, tea and cocoa and vegetables.

Core inflation rate rose 6.6 percent year-on-year, down by 1.3 percentage points from 7.9 percent recorded in December of 2013. On a month-on-month basis, prices slowed to 0.2 percent from 0.8 percent a month earlier. Upward pressures came from cost of photographic development and miscellaneous services relating to the dwelling, bicycles, and spirits.

Nigeria Inflation Rate Unchanged at 8% in January

National Bureau of Statistics | Joana Taborda |
2/13/2014 2:30:32 PM