Nigeria Inflation Rate Steady at 9.6% in January

Annual inflation rate in Nigeria came in at 9.6 percent in January of 2016, the same as previous month and the highest since December of 2012 as a falling naira keeps pushing import prices up, mainly food.

Compared to January of 2015, food cost increased 10.6 percent and imported food prices grew 11.2 percent. Additional upward pressure came from: transport (+10.6 percent); education (+10 percent); clothing and footwear (+9.8 percent); alcoholic beverages, tobacco and kola (+9.4 percent); miscellaneous goods and services (+9.2 percent); restaurant & hotels (+9 percent); health (+8 percent), housing and utilities (+7.4 percent) and furnishings and household equipment (+7.1 percent).

Annual core inflation rate which excludes prices of volatile agricultural products was recorded at 8.8 percent, slightly higher than 8.7 percent in the previous three months.

On a monthly basis, consumer prices increased 0.9 percent, compared to a 1 percent growth in December as most prices slowed slightly with the exception of education (+1.35 percent from +0.53 percent in December); housing water, electricity, gas and other fuels (+0.61 percent from +0.5 in December); and health (0.87 percent from 0.7 percent in December). 

Nigeria Inflation Rate Steady at 9.6% in January

Mojdeh |
2/15/2016 3:25:52 PM