Nigeria Inflation Rate Edges Down to 12.5% in April

Nigeria’s annual inflation rate decreased to 12.5 percent in April of 2018 from 13.3 percent in the prior month and in line with market expectations. It was the lowest inflation rate since February of 2016, as prices of food and non-alcoholic beverages and housing and utilities grew at a slower pace.

The inflation rate has been declining since reaching more than 12 year high of 18.7 percent in January of 2017.

Year-on-year, cost eased for food and non-alcoholic beverages (14.8 percent compared to 16.1 percent in March); housing and utilities (7.2 percent compared to 7.5 percent) and clothing and footwear (12.7 percent compared to 13.6 percent). In addition, prices slowed for transport (11.6 percent compared to 11.9 percent); furnishings and household equipment (12.4 percent compared to 12.9 percent); education (10.1 percent compared to 10.4 percent) and health (11.0 percent compared to 11.3 percent). Also, cost increased at a softer pace for miscellaneous goods and services (10.9 percent compared to 11.5 percent); restaurants and hotels (10.8 percent compared to 11.0 percent); alcoholic beverages, tobacco and kola (8.7 percent compared to 8.8 percent) and recreation and culture (8.4 percent compared to 9.1 percent). Meanwhile, cost went up faster for communication (4.9 percent compared to 4.5 percent). 

Annual core inflation which excludes price of volatile agricultural products fell to 10.9 percent from 11.2 percent in the previous month.

On a monthly basis, consumer prices remained unchanged, after rising 0.8 percent in January.

Nigeria Inflation Rate Edges Down to 12.5% in April

National Bureau of Statistics | Stefanie Moya |
5/15/2018 12:27:58 PM