Nigeria Inflation Rate Slows to 17.78% in February


Nigeria's consumer prices increased by 17.78 percent year-on-year in February of 2017, following 18.72 percent gain in the previous month. The inflation rate slowed for the first time in fifteen months, mainly due to non-food prices.

Compared to February of 2016, prices increased at a slower pace for: housing and utilities (20.4 percent from 27.2 percent in January); education (19.1 percent from 21 percent); clothing and footwear (17.4 percent from 17.9 percent); furnishings and household equipment (13.3 percent from 13.9 percent) and transport (16.8 percent from 17.2 percent).

Meanwhile, cost of food rose faster by 18.5 percent following 17.8 percent in the previous month, namely for bread, cereals, fish, meat, potatoes and wine; while increased less for imported food (19.4 percent from 21 percent). 

Annual core inflation rate edged down to 16 percent from 17.85 percent in the previous month.

On a monthly basis, consumer prices went up 1.49 percent compared with a 1.01 percent rise in the previous month, as cost rose for: food (+1.99 percent); imported food (+0.9 percent); housing and utilities (+1.02 percent); clothing and footwear (+1.04 percent) and transport (+0.99 percent).

National Bureau of Statistics | Deborah Neves | deborah.neves@tradingeconomics.com
3/14/2017 10:27:16 AM