Nigeria Inflation Rate Lowest in 16 Months

Consumer prices in Nigeria increased 15.98 percent year-on-year in September of 2017, dropping slightly from 16.01 percent in August and in line with market expectations of 16 percent. The inflation slowed for the eighth consecutive month to its lowest level since May of 2016, as prices rose at a softer pace for housing and utilities, and clothing and footwear. Meantime, food inflation hit its highest level since July 2008 and transport prices rose further.

Year-on-year, prices advanced at a slower pace for housing and utilities (8.8 percent compared to 9.2 percent in August); clothing and footwear (15.8 percent compared to 15.9 percent); education (12.7 percent compared to 13.9 percent); alcoholic beverages, tobacco and kola (8.9 percent compared to 9.2 percent) and communication (2.8 percent compared to 2.9 percent). On the other hand, prices increased at a faster pace for food and non-alcoholic beverages (20.32 percent compared to 20.25 percent); transport (12 percent compared to 11.8 percent); furnishings and household equipment (13.4 percent compared to 13 percent); health (11.1 percent compared to 10.9 percent); miscellaneous goods and services (11.2 percent compared to 10.9 percent); restaurants and hotels (9.9 percent compared to 9.5 percent) and recreation and culture (10.1 percent compared to 10 percent).

Among food items, increases were mainly seen in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats.

Annual core inflation which excludes prices of volatile agricultural products decreased to 12.12 percent from 12.30 percent in August.

On a monthly basis consumer prices rose 0.78 percent , following a 0.97 percent increase in August.

Nigeria Inflation Rate Lowest in 16 Months

National Bureau of Statistics | Stefanie Moya |
10/17/2017 12:08:08 PM