Nigeria Inflation Rate Slows For The 2nd Month


Nigeria's consumer prices increased 17.26 percent year-on-year in March of 2017, easing from a 17.78 percent rise in the previous month. The inflation rate slowed for the second straight month, due to food and non-food prices, namely housing and utilities, clothing and footwear and transport.

Compared to March of 2016, prices went up at a slower pace for food (17.26 percent vs 17.78 percent in February), including soft drinks, fruits, coffee, tea and cocoa. Meanwhile, biggest increases were recorded for bread, cereals, meat, fish, potatoes, yams and other tubers and wine. In addition, cost slowed for housing and utilities (18.85 percent vs 20.44 percent); clothing and footwear (16.65 percent vs 17.39 percent); transport (15.43 percent vs 16.75 percent); furniture and household equipment (12.47 percent vs 13.27 percent); education (18.56 percent vs 19.12 percent), health (10.3 percent vs 10.5 percent) and miscellaneous goods and services (11.52 percent vs 11.86 percent).

Meanwhile, cost rose faster for recreation and culture (10.30 percent vs 9.99 percent) and restaurants and hotels (8.55 percent vs 8.18 percent).

Annual core inflation rate edged down to 15.44 percent from 16.01 percent in the previous month.

On a monthly basis, consumer prices went up 1.72 percent compared to a 1.49 percent rise in the previous month, as cost increased for: food (2.21 percent vs 1.99 percent); housing and utilities (1.08 percent vs 1.02 percent); clothing and footwear (1.54 percent vs 1.04 percent); transport (1.16 percent vs 0.99 percent) and furniture and household equipment (1.29 percent vs 0.93 percent). 

National Bureau of Statistics |Luisa Carvalho | luisa.carvalho@tradingeconomics.com
4/13/2017 10:57:41 AM