Nigeria Inflation Rate 1996-2017 | Data | Chart | Calendar | Forecast

The inflation rate in Nigeria was recorded at 15.90 percent in November of 2017. Inflation Rate in Nigeria averaged 12.47 percent from 1996 until 2017, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000.

Nigeria Inflation Rate
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Nigeria Inflation Rate Edges Down to 15.91% in October

Consumer prices in Nigeria increased 15.91 percent year-on-year in October 2017, easing from 15.98 percent in September and in line with market expectations of 15.9 percent. The inflation slowed for the ninth consecutive month to its lowest level since May 2017 due to lower prices of education and housing utilities. Meantime, food inflation hit its highest level since July 2008 and transport prices increased further.

Year-on-year, consumer prices eased mostly for education (11.8 percent compared to 12.7 percent) and housing and utilities (8.5 percent compared to 8.8 percent). In addition, a slowdown was recorded for clothing and footwear (15.6 percent compared to 15.8 percent); alcoholic beverages, tobacco and kola (8.8 percent compared to 8.9 percent) and communication (2.7 percent compared to 2.8 percent). Also, inflation edged down for recreation and culture (10.0 percent compared to 10.1 percent). On the other hand, main upward pressure came from the rising cost of food and non-alcoholic beverages (21.3 percent compared to 20.3 percent) and transport (12.2 percent compared to 12.0 percent). In addition, prices rose at a faster pace for furnishings and household equipment (13.6 percent compared to 13.4 percent); health (11.2 percent compared to 11.1 percent); restaurants and hotels (10.2 percent compared to 9.9 percent) and miscellaneous goods and services (11.4 percent compared to 11.2 percent).

Among food items, main increases were recorded in prices of potatoes, yams and other tubers, meat, oil and fats, dairy products, bread and cereals, coffee, tea and cocoa, fish and vegetables.

Annual core inflation which excludes price of volatile agricultural products increased to 12.14 percent from 12.12 percent in the previous month.

On a monthly basis, consumer prices rose 0.76 percent, following a 0.78 percent increase in September.

National Bureau of Statistics | Marta Dubiel |
11/15/2017 10:45:55 AM

Calendar GMT Actual Previous Consensus TEForecast
2017-10-17 08:00 AM Inflation Rate YoY 15.98% 16.01% 16% 15.7%
2017-11-15 08:00 AM Inflation Rate YoY 15.91% 15.98% 15.9% 15.8%
2017-12-18 08:45 AM Inflation Rate YoY 15.90% 15.91% 15.8%
2018-01-15 05:45 PM Inflation Rate YoY 15.90%
2018-02-15 12:00 PM Inflation Rate YoY
2018-03-14 08:50 AM Inflation Rate YoY

Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 15.90 15.91 47.56 -2.49 percent [+]
Consumer Price Index CPI 243.00 241.20 243.00 14.36 Index Points [+]
Core Consumer Prices 230.86 229.11 230.86 69.00 Index Points [+]
Core Inflation Rate 12.14 12.12 19.28 0.49 percent [+]
Food Inflation 20.30 20.31 39.54 -17.50 percent [+]
GDP Deflator 165.48 164.76 165.48 0.60 Index Points [+]
CPI Transportation 228.20 226.40 228.20 68.50 Index Points [+]
Inflation Rate Mom 0.78 0.76 8.93 -3.50 percent [+]

Nigeria Inflation Rate

In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states. The most important categories in the CPI are Food and Non Alcoholic Beverages (51.8 percent of total weight); Housing, Water, Electricity, Gas and Other Fuel (16.7 percent) and Clothing and Footwear (7.7 percent). Transports account for 6.5 percent of total index and Furnishings and Household Equipment Maintenance for 5 percent. Education represents 3.9 percent of total weight, Health 3 percent, Miscellaneous Goods and Services 1.7 percent and Restaurants and Hotels 1.2 percent. Alcoholic Beverages, Tobacco and Kola account for 1.1 percent of total index, Communications for 0.7 percent and Recreation and Culture for the remaining 0.7 percent. This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Inflation Rate - actual data, historical chart and calendar of releases - was last updated on December of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
15.90 15.91 47.56 -2.49 1996 - 2017 percent Monthly

inflation rate by Country
Country Last
Australia 1.80 Sep/17
Brazil 2.80 Nov/17
Canada 1.40 Oct/17
China 1.70 Nov/17
Euro Area 1.50 Nov/17
France 1.20 Nov/17
Germany 1.80 Nov/17
India 4.88 Nov/17
Indonesia 3.30 Nov/17
Italy 0.90 Nov/17
Japan 0.20 Oct/17
Mexico 6.63 Nov/17
Netherlands 1.50 Nov/17
Russia 2.50 Nov/17
South Korea 1.30 Nov/17
Spain 1.70 Nov/17
Switzerland 0.80 Nov/17
Turkey 12.98 Nov/17
United Kingdom 3.10 Nov/17
United States 2.20 Nov/17