Nigeria Inflation Rate at 3-Month High of 11.2%

Nigeria's annual inflation edged up to 11.24 percent in September 2019, its highest level since June, from 11.02 percent in the previous month. Food prices rose the most in three months, partly driven by the recent border closures, which caused shortages of some smuggled commodities such as rice.

Year-on-year, food inflation hit a 3-month high (13.51 percent vs 13.17 percent in August), in part due to food shortages (especially rice, chicken and frozen foods) caused by the recent borders closure with neighbouring countries including Benin, Niger and lately Cameroon; and housing & utilities prices rose the most in nine months (7.43 percent vs 7.26 percent). Additional upward pressure came from transport (8.97 percent vs 8.85 percent); education (8.64 percent vs 8.62 percent); health (9.22 percent vs 9.13 percent); miscellaneous goods & services (8.70 percent vs 8.54 percent); restaurants & hotels (8.20 percent vs 8.11 percent); communications (8.85 percent vs 8.81 percent) and recreation & culture (8.0 percent vs 7.91 percent).

On the other hand, inflation eased slightly for furnishings & household equipment maintenance (9.14 percent vs 9.17 percent); alcoholic beverages, tobacco and Kola (10.01 percent vs 10.05 percent) while it remained steady for clothing & footwear (at 9.77 percent).

Annual core inflation, which excludes price of volatile agricultural products, picked up to 8.94 percent, its highest level since May, from 8.68 percent in the preceding month.

On a monthly basis, consumer prices went up 1.04 percent, up from a 0.99 percent increase in the previous month.

Nigeria Inflation Rate at 3-Month High of 11.2%

National Bureau of Statistics | Luisa Carvalho |
10/15/2019 11:42:02 AM