Nigeria Inflation Rate Down to 8% In September

In September of 2013, Nigerian annual inflation rate eased to 8.0 percent, slightly down from 8.2 percent in the previous month, due to lower food prices.

Year-on-year, food prices decelerated for the second consecutive month in September to 9.4 percent, from 9.7 percent in the previous month, as production from the on-going harvest continues to put a downward pressure. 

However, on a monthly basis, food prices increased 0.9 percent in September, up from 0.5 percent recorded in August. The highest cost increases were recorded for oils and fats and bread and cereals. 

The core index, which excludes prices of volatile agricultural products, increased for the third consecutive month by an annual 7.4 percent in September, from 7.2 percent in August. The increase was mainly due to higher prices of actual and imputed rental, books and stationaries as a result of the start of the new school year, and accommodation services. 

On a month-over-month basis, prices accelerated to 0.75 percent, from 0.25 percent in August, the first increase in four months.

Nigeria Inflation Rate Down to 8% In September

National Bureau of Statistics | Joana Taborda |
10/16/2013 6:12:38 PM