Nigeria Inflation Rate Highest Since 2005

Consumer prices in Nigeria rose by 17.6 percent year-on-year in August of 2016, following a 17.1 percent gain in the previous month. It was the highest figure since October 2005 as cost of housing and utilities, food and transport rose at a faster pace.

Year-on-year, prices of food went up 16.4 percent (15.7 percent in the previous month), housing, water, electricity and gas rose 25.9 percent (25.6 percent). Additional pressure came from: clothing and footwear (16.7 percent from 16 percent); transport (17.9 percent from 17.5 percent); furnishings and household equipment (12.4 percent from 12.4 percent); education (18.4 percent from 17.7 percent); health (10.9 percent from 11 percent); miscellaneous goods and services (12.5 percent from 12.8 percent); alcoholic beverages, tobacco and cola (14.8 percent from 14.4 percent) and restaurants and hotels (9.7 percent from 9.9 percent).
Annual core inflation rate increased to 17.2 percent from 16.9 percent in the previous month.

On a monthly basis, consumer prices rose 1 percent compared to a 1.2 percent gain in the preceding month, as cost of food went up (1.6 percent); housing, water, electricity and gas (1.7 percent); transport (1.3 percent) and clothing and footwear (1.1 percent).

National Bureau of Statistics | Mojdeh Kazemi |
9/16/2016 9:28:02 AM