Nigeria Inflation Rate Hits Double Digit

Consumer prices in Nigeria jumped 11.4 percent year-on-year in February of 2016, following a 9.6 percent increase in the previous month and way above market expectations of a 10 percent rise. It is the highest reading since December 2012, as a falling naira keeps pushing import prices up, mainly food.

Compared to February of 2015, food cost increased 11.3 percent, up from 10.64 percent in January. Additional upward pressures came from: housing, water, electricity and gas (+13.9 percent from 7.4 percent in January); clothing and footwear (+10.6 percent from 10.6 percent); transport (+11.5 percent from 10.6 percent); furnishings and household equipment (+8 percent from 7.1 percent); education (+12.1 percent from 10 percent); health (+8.6 percent from 8 percent); miscellaneous goods and services (+9.5 percent from 9.2 percent); hotels, cafés and restaurants (+8.9 percent from 9 percent); alcoholic beverages, tobacco and kola (+9.9 percent from 9.4 percent).

Annual core inflation rate increased to 11 percent from 8.8 percent in the last month.

On a monthly basis, consumer prices jumped 2.3 percent, the fastest pace since June 2010 and following a 0.87 percent rise in January. Food cost went up 1.3 percent; housing, water, electricity and gas rose 6.6 percent and clothing and footwear increased 1.4 percent.

Nigeria Inflation Rate Hits Double Digit

National Bureau of Statistics | Mojdeh Kazemi |
3/15/2016 2:02:37 PM