Nigeria Inflation Rate Slows For The 3rd Month


Nigeria's consumer prices increased 17.24 percent year-on-year in April of 2017, easing slightly from a 17.26 percent rise in the prior month. The inflation rate fell for the third straight month to the lowest in nine months, led by a slowdown in prices of housing and utilities and transport. Annual core inflation rate was 14.75 percent, the lowest since April last year. On a monthly basis, consumer prices increased 1.60 percent.

Compared to April of 2016, prices went up at a slower pace for housing and utlities (16.05 percent vs 18.85 percent) and transport (14.91 percent vs 15.43 percent).

Meanwhile, cost rose faster for food (19.30 percent vs 18.44 percent), including bread ,cereals,meat, fish, potatoes, yams and other tubes, coffee, tea and cocoa, milk cheese, eggs, oils and fats. Yet, food inflation hit the highest since February of 2009. Also, prices advanced for clothing and footwear (17.10 percent vs 16.65 percent), furniture and household equipment (12.84 percent vs 12.47 percent), health (10.66 percent vs 10.30 percent), miscellaneous goods and services (12.16 percent vs 11.52 percent), restaurants and hotels (9.08 percent vs 8.55 percent) and recreation and culture (10.77 percent vs 10.30 percent).

Annual core inflation rate  eased to 14.75 percent from 15.44 percent in the previous month.

On a monthly basis, consumer prices increased 1.60 percent, slowing from a 1.72 percent rise in March, as cost went up less for: food (2.04 percent vs 2.21 percent), imported food (0.88 percent vs 1.43 percent), housing and utilities (0.87 percent vs 1.08 percent) and transport (1.13 percent vs 1.16 percent).

National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
5/16/2017 1:11:46 PM