Nigeria Inflation Rate Highest In More Than 2 Years

Annual inflation rate in Nigeria rose for the seventh consecutive month to 9.2 percent in June of 2015 from a 9.0 percent in May. It was the highest figure since February of 2013, mainly driven by food price.

Irregularity of the fuel supply continues to impact food costs along with delay in a rainy season with the result - late harvest.

Compared to June of 2014, food cost increased 10.0 percent, the highest since April of 2013, and imported food prices grew 10.0 percent as well. Additional upward pressures came from: housing, water, electricity and gas (+6.6 percent); clothing and footwear (+8.3 percent); transport prices (+10.3 percent); furnishings and household equipment (+9.5 percent); education (+9.6 percent); health (+8.6 percent); miscellaneous goods and services (+8.8 percent); hotels, cafés and restaurants (+8.9 percent); alcoholic beverages, tobacco and kola (+9.9 percent).

Annual core inflation rate increased to 8.4 percent from 8.3 percent last month.

On a monthly basis, consumer prices eased to 0.9 percent from 1.1 percent recorded in May. Food cost went up 1.1 percent, maintaining the high pace of increase recorded in May, boosted by higher cost of fish, vegetables, bread and other food products.

Nigeria Inflation Rate Highest In More Than 2 Years

National Bureau of Statistics | Yekaterina Guchshina |
7/14/2015 12:35:08 PM