Nigeria Inflation Rate Rises to 18.3% in October

Nigeria's consumer prices increased by 18.3 percent year-on-year in October 2016, following a 17.9 percent growth in the previous month and above market expectations of 18.2 percent. It was the highest inflation rate since October 2005, as prices for food continued to rise.

Compared to October 2015, cost of food increased by 17.1 percent (from +16.6 percent in September); and prices of imported food climbed 21.2 percent(from 19.2 percent). Additional upward pressure came from: Housing and utilities (+26.9 percent from +26.3 percent in September); clothing and footwear (+17.8 percent from +17.2 percent); transport (+18.2 percent from +18.1 percent); and furnishings and household equipment (+13 percent from +12.4 percent).

Annual core inflation rate went up to 18.1 percent, the highest since January 2007.

On a monthly basis, consumer prices increased 0.8 percent, the same as in September, as prices rose for: Food (+0.8 percent); imported food (+0.9 percent); housing and utilities (+0.7 percent); and clothing and footwear (+1 percent).

Nigeria Inflation Rate Rises to 18.3% in October

National Bureau of Statistics | Joana Ferreira |
11/14/2016 11:27:06 AM