Nigeria Inflation Rate Lowest since 2016

Nigeria's annual inflation dropped further to 11.02 percent in August 2019, the lowest since January 2016, from 11.08 percent in the prior month. Prices slowed mostly for food amid the ongoing harvest season.

Year-on-year, prices continued to ease primarily for food (13.17 percent vs 13.39 percent in July), as a result of a favourable harvest, despite several pronouncements regarding restrictions on the import of some food items and the recent border closures with Benin and Niger to avoid rice smuggling that is threatening the country's attempt to boost local production. With respect to the latter, no significant impact in prices was observed because the border was only closed from 20 August 2019. Also, cost advanced less for clothing & footwear (9.77 percent vs 9.83 percent) and alcoholic beverages, tobacco and kola (10.05 percent vs 10.16 percent).

In contrast, inflation edged higher for housing & utilities (7.26 percent vs 7.08 percent); transport (8.85 percent vs 8.71 percent); furnishings & household equipment maintenance (9.17 percent vs 9.12 percent); education (8.62 percent vs 8.57 percent); health (9.13 percent vs 9.05 percent); miscellaneous goods & services (8.54 percent vs 8.41 percent); restaurants & hotels (8.11 percent vs 8.07 percent); recreation & culture (7.91 percent vs 7.82 percent) and communications (7.81 percent vs 7.76 percent).

Annual core inflation, which excludes price of volatile agricultural products, fell to 8.68 percent in August, its lowest level since June 2015, from 8.80 percent in the previous month.

On a monthly basis, consumer prices went up 0.99 percent, slightly below a 1.01 percent increase in the previous month.

Nigeria Inflation Rate Lowest since 2016

National Bureau of Statistics | Luisa Carvalho |
9/17/2019 2:58:55 PM