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).
9/16/2016 9:28:02 AM
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).