Nigeria Annual Inflation Rate Rises to 11.2% in August


Nigeria’s annual inflation rate increased to 11.23 percent in August of 2018 from 11.14 percent in July and above market expectations of 11.11 percent. It was the first rise in inflation rate after being declining since January 2017, when it reached a 12 year high of 18.7 percent.

Year-on-year, prices advanced faster for food & non-alcoholical beverages (13.16 percent compared to 12.82 percent in July); recreation & culture (8.32 percent compared to 8.28 percent) and communication (6.32 percent compared to 5.87 percent). 

On the other hand, cost eased for housing & utilities (7.25 percent compared to 7.27 percent); clothing & footwear (10.20 percent compared to 10.57 percent); transport (10.65 percent compared to 10.92 percent); furnishings & household equipment maintenance (10.07 percent compared to 10.66 percent); education (9.83 percent compared to 9.89 percent); health (9.64 percent compared to 9.94 percent); miscellaneous goods & services (10.03 percent compared to 10.29 percent) and restaurants & hotels (9.38 percent compared to 9.63 percent). 

Annual core inflation which excludes price of volatile agricultural products went up to 11.23 percent in August from 10.18 percent in the prior month.

On a monthly basis, consumer prices rose 1.0 percent, slowing from a 1.1 percent gain in July.

Nigeria Annual Inflation Rate Rises to 11.2% in August


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/14/2018 11:41:53 AM