Nigeria Inflation Rate Rises Sightly in December

Nigeria annual inflation edged up to 8 percent in December of 2014 from 7.9 percent in the previous month, as food prices increased for the first time in four months.

Year-on-year, food cost increased 9.2 percent in December, marginally up from 9.1 percent in November due to holiday season. The biggest price increases were recorded for meat, fish, and dairy groups while cost of bread and cereals, oil and fats, and fruits increased at a slower rate. Cost of imported food rose 8.21 percent. 

In December, clothing and footwear prices advanced 7.68 percent; housing water, electricity and gas cost went up 5.92 percent and prices of transport increased 6.75 percent.

On a monthly basis, the consumer price index rose by 0.82 percent, up from 0.6 percent in November, the highest figure since March of 2014. Food prices increased 0.9 percent as custmers had to pay more for fish, potatoes, yams, meat, and coffee.

The annual core index, which excludes prices of volatile agricultural, was almost unchanged (6.2 percent from 6.26 in November).

Nigeria Inflation Rate Rises Sightly in December

National Bureau of Statistics | Carolina Cunha |
1/20/2015 6:04:24 PM