Nigeria Inflation Rate Lowest In Over 1 Year


Consumer prices in Nigeria increased 16.10 percent year-on-year in June of 2017, the least in 13 months, compared to 16.25 percent in the previous month. it was the fifth consecutive month of decline in inflation rate as non-food prices grew less.

Compared to June of 2016, prices slowed for: housing & utilities (10.93 percent vs 12.91 percent in May); clothing and footwear (15.71 percent vs 16.31 percent); transport (12.24 percent vs 13.26 percent); furniture & household equipment (11.25 percent vs 11.35 percent); education (16.04 percent vs 16.25 percent); health (9.41 percent vs 9.47 percent); alcoholic beverages, tobacco and Kola (9.89 percent vs 11.04 percent) and communication (3.28 percent vs 3.65 percent).

In contrast, food inflation hit the highest since February of 2009 (19.91 percent vs 19.27 percent) as cost rose faster for meat, bread and cereals, fish, potatoes, yam and other tubers, oils and fats, milk, cheese, eggs, coffee, tea and cocoa. Also, prices grew more of: miscellaneous goods & services (10.29 percent vs 10.09 percent); recreation and culture (9.93 percent vs 9.81 percent) and restaurants and hotels (8.02 percent vs 7.84 percent).

Annual core inflation rate eased to 12.50 percent, the lowest since March last year,  from 13.02 percent  in the previous month.

On a monthly basis, consumer prices rose 1.58 percent, compared to a 1.88 percent increase in May, as cost went up at a slower pace for: food (1.99 percent vs 2.54 percent); housing and utilities (0.74 percent vs 0.89 percent); clothing and footwear (1.59 percent vs 1.69 percent); recreation and culture (0.66 percent vs 1.32 percent); miscellaneous goods and services (1.14 percent vs 1.20 percent); alcoholic beverages, tobacco and Kola (0.75 percent vs 0.96 percent) and communication (0.25 percent vs 0.39 percent). 

National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
7/17/2017 12:09:14 PM