Nigeria Inflation Rate Lowest in 19 Months

Consumer prices in Nigeria rose 15.13 percent year-on-year in January of 2018, easing from a 15.37 percent rise in the previous month and slightly above market expectations of 15.05 percent. It was the lowest inflation rate since April 2016 as cost grew less for food and non-alcoholic beverages, clothing and footwear and education.

The inflation rate has been steady falling since reaching more than 12 year high of 18.72 percent in January of 2017.

Year-on-year, prices advanced at softer pace for food and non-alcoholic beverages (18.9 percent compared to 19.4 percent in December); clothing and footwear (14.8 percent compared to 15.0 percent) and education (10.9 percent compared to 11.0 percent). On the other hand, prices went up faster for: transport (12.4 percent compared to 12.3 percent); health (11.5 percent compared to 11.4 percent) and miscellaneous goods and services (11.7 percent compared to 11.5 percent), restaurants and hotels (10.8 percent compared to 10.5 percent); recreation and culture (10.1 percent compared to 9.9 percent) and communication (3.9 percent compared to 3.5 percent). In addition, inflation was steady for housing and utilities (8.3 percent, the same as in December); furnishings and household equipment (13.7 percent) and alcoholic beverages, tobacco and kola (8.6 percent).

Annual core inflation which excludes price of volatile agricultural products remained unchanged, after a 12.10 percent increase in the previous month.

On a monthly basis, consumer prices rose 0.8 percent, following a 0.6 percent gain in December.

Nigeria Inflation Rate Lowest in 19 Months

National Bureau of Statistics | Stefanie Moya |
2/14/2018 12:03:12 PM