Nigeria Inflation Rate at 29-Month Low of 11.23%


Inflation rate in Nigeria eased further to 11.23 percent in June of 2018 from 11.61 percent in the previous month. It compares with market expectations of 11.05 percent. Still, it was the lowest inflation rate since January of 2016.

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 slowed for food & non-alcoholic beverages (12.95 percent from 13.44 percent in May); clothing & footwear (11.02 percent from 11.78 percent); transport (10.88 percent from 11.25 percent); furniture & household equipment (11.22 percent from 11.91 percent); education (9.73 percent from 9.94 percent); health (10.45 percent from 10.81 percent); miscellaneous goods & services (10.30 percent from 10.57 percent) and restaurant & hotels (10.19 percent from 10.50 percent). On the other hand, cost advanced faster for housing & utilities (7.05 percent from 7.04 percent); recreation & culture (8.05 percent from 7.86 percent) and communication (5.43 percent from 5.07 percent). 

Annual core inflation which excludes price of volatile agricultural products fell to 10.39 percent from 10.71 percent in the previous month.

On a monthly basis, consumer prices went up 1.2 percent, following a 1.1 percent rise in May.

Nigeria Inflation Rate at 29-Month Low of 11.23%


National Bureau of Statistics | Agna Gabriel | agna.gabriel@tradingeconomics.com
7/23/2018 8:04:43 AM