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Nigeria Inflation Rate Rises for 5th Month
Annual inflation rate in Nigeria accelerated for a fifth straight month to 18.6% in June of 2022, the highest rate since January of 2017, and compared to 17.7% in May. Food inflation surged to 20.6% from 19.5%, mainly due to bread and cereals, potatoes, yam, meat, fish, oil and fat, and wine. The Food and Non Alcoholic Beverages subindex is by far the most important, accounting for nearly 50% of total weight. Compared to the previous month, consumer prices increased 1.82%, after a 1.78% rise in May.
Published on 2022-07-15

Nigeria Inflation Rate Picks Up to 11-Month High
Nigeria’s annual inflation rate accelerated for the fourth month to 17.71 percent in May of 2022 from 16.82 percent in the previous month and above market expectations of 17.4 percent. It was the steepest inflation rate since last June, driven by prices of food (19.5 percent vs 18.37 percent in April) and non-food products (14.9 percent vs 14.18 percent). Like most African countries, Nigeria is grappling with rising prices of food, as the continent is still largely dependent on agricultural imports, especially grains. Also, soaring diesel prices and the ongoing dollar shortage contributed to the upward trend in inflation. Africa's biggest economy has been in double digits inflation since 2016, and national authorities have said persistent inflationary pressures are structural, linked to deficits and not solely to the money supply, and largely imported.
Published on 2022-06-15

Nigeria Inflation Rate at 8-Month High
Nigeria’s annual inflation rate accelerated for the third straight month to 16.82% in April of 2022, from 15.92% in March. It was the steepest inflation rate since last August, amid widespread increases across all divisions on the back of surging global commodity prices. Main upward pressure came from prices of food & non-alcoholic beverages (18.37% vs 17.20% in March), by far the most relevant in the CPI basket, in line with prices of imported food (17.66% vs 17.56%). Like most African countries, Nigeria is grappling with rising prices of food, as the continent is still largely dependent on agricultural imports, especially grains. Also, soaring diesel prices and the ongoing dollar shortage contributed to the upward trend in inflation. The annual core inflation rate, which excludes the prices of agricultural produce, rose to a five-year high of 14.18% in April of 2022, from 13.91% in the prior month. On a monthly basis, consumer prices advanced by 1.76%, the most since last December.
Published on 2022-05-16

Nigeria Inflation Rate at 5-Month High
Nigeria’s annual inflation rate climbed to 15.92% in March of 2022, from 15.70% in the prior month, the fastest rise in consumer prices since last October. Prices of diesel, which is used to power most businesses, has more than doubled, while analysts said the impact of the war in Ukraine could be felt in the coming weeks. Also, a dollar shortage drove import prices higher, prompting the government to implement restrictions to support the currency. Prices rose faster for food & non-alcoholic beverages (17.16% vs 17.07% in February), by far the most relevant in the CPI basket, in line with prices of imported food (17.56% vs 17.11%). Also noteworthy, inflationary pressures were stronger due to prices in housing & utilities (12.32% vs 11.82%). The annual core inflation rate, which excludes the prices of agricultural produce, slowed to 13.91% from a 5-year high of 14.01% in February. On a monthly basis, prices advanced 1.74%, quickening from a 1.63% rise in the prior month.
Published on 2022-04-15

Nigeria February Inflation Rate Up to 15.7%
Nigeria’s annual inflation rate climbed to 15.7% in February of 2022 from 15.6% in the prior month, as fuel shortages drove transport costs higher (15.1%), thereby affecting goods and commodities. Food inflation also remained elevated (17.1%). Nigeria has faced fuel shortages since February after importing substandard fuel, resulting in weeks of severe scarcity and long queues at filling stations. On top of that, a dollar shortage has prompted the government to put restrictions on foreign exchange supplies of certain items, cutting supplies of goods and exerting pressure on prices. The annual core inflation rate, which excludes the prices of agricultural produce, rose to 14.01% in February, the highest since April of 2017, from 13.87% in the prior month. On a monthly basis, consumer prices increased 1.6%, up from a 1.5% rise in the prior month.
Published on 2022-03-15

Nigeria January Inflation Rate Almost Steady at 15.6%
Nigeria’s annual inflation rate was at 15.60% in January of 2022, little changed from 15.63% in the previous month. There was a slight deceleration in prices of major component food (17.13% vs 17.37% in December). Meanwhile, inflation was higher for almost all other categories, primarily clothing & footwear (15.4% vs 15.1%); transport (15.1% vs 15%); furnishings (14.6% vs 14.5%); miscellaneous goods & services (14.4% vs 14.1%) and alcoholic beverages & tobacco (14.1% vs 13.7%). The annual core inflation rate, which excludes the prices of agricultural produce, was flat at 13.87% in January, the highest since April of 2017. On a monthly basis, consumer prices were up 1.47%, following a 1.82% increase in the previous month.
Published on 2022-02-15

Nigeria December Inflation Rate Edges Higher to 15.6%
Nigeria’s annual inflation rate rose to 15.63% in December of 2021, after eight straight months of decline, amid a slight acceleration in prices of major component food (17.4% vs 17.2% in November), linked to the increase in demand during the festive season. Upward pressure also came from non-food products, including transport (15%, the same as in November); clothing & footwear (15.1% vs 14.8%); miscellaneous goods & services (14.1% vs 14%); housing & utilities (11.1% vs 10.6%), among others. The annual core inflation rate, which excludes the prices of agricultural produce, rose further to 13.87% in December, the highest since April of 2017, from 13.85% in the prior month. On a monthly basis, consumer prices inched up by 1.82%, the most since May of 2017, after a 1.08% increase in the prior month.
Published on 2022-01-17

Nigeria November Inflation Rate Slows to 1-Year Low
Nigeria’s annual inflation rate fell for the eighth straight month to 15.40% in November of 2021, from 15.99% in October. It was the lowest rate since November last year, amid the continued deceleration in food inflation (17.21% vs 18.34%). Meanwhile, the annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.85% in November, the highest since April of 2017, from 13.24% in the prior month. On a monthly basis, consumer prices inched up by 1.08%, after a 0.98% increase in the prior month.
Published on 2021-12-15

Nigeria September Inflation Rate Eases for 7th Month
Nigeria’s annual inflation rate fell for the seventh straight month to 15.99% in October of 2021, from 16.63% in September. It was the lowest rate since last December, largely due to a sustained moderation in food inflation since April (18.34% vs 19.57% in September) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, also dropped to a four-month low of 13.24% in October, from 13.74% in the prior month. On a monthly basis, consumer prices increased by 0.98%, following a 1.15% rise in the previous month.
Published on 2021-11-15

Nigeria September Inflation Rate at 8-Month Low
Nigeria’s annual inflation rate eased for the sixth straight month to 16.63% in September of 2021, down from 17.01% in August. It was the lowest rate since January, largely due to a sustained moderation in food inflation since April (19.57% vs 20.3% in August) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.74% in September from 13.41% in the prior month. On a monthly basis, consumer prices increased by 1.15%, following a 1.02% rise in the previous month.
Published on 2021-10-15

Nigeria August Inflation Rate at 7-Month Low
Nigeria’s annual inflation rate eased for a fifth straight month to 17.01% in August of 2021, from 17.38% in July. It was the lowest inflation rate since January, mainly driven by another slowdown in food prices (20.3% vs 21.03% in July) and despite the naira's ongoing devaluation. The core inflation, excluding prices of farm produce, also fell to 13.41% in August from 13.72% in July. On a monthly basis, consumer prices increased by 1.02%, after a 0.93% rise in the previous month.
Published on 2021-09-15

Nigeria July Inflation Rate at 5-Month Low
Nigeria’s annual inflation rate eased for the fourth straight month to 17.38% in July of 2021, from 17.75% in June. It was the lowest inflation rate since February, amid a further slowdown in prices of food (21.03% vs 21.83% in June) and despite the naira's ongoing devaluation. On a monthly basis, consumer prices went up 0.93%, the least since March of 2020, decelerating from a 1.06% increase in the previous month. The Central Bank of Nigeria has forecasted that Nigeria’s inflation rate will slow down to 13% by the end of the year and drop to single-digit by 2022, with the full implementation of its recent policies designed to boost different sectors of the economy and assuming that strict lockdowns will not resurface.
Published on 2021-08-17

Nigeria Inflation Rate Continues to Drop in June
Nigeria’s annual inflation rate eased slightly for the third straight month to 17.75% in June of 2021, from 17.93% in May, amid a small slowdown in prices of food & non-alcoholic beverages (21.83% vs 22.28% in May) and despite an official 7.7% naira devaluation in May. In addition, annual core inflation excluding prices of agricultural produce was slower at 13.09% in June (vs 13.15%). On a monthly basis, consumer prices inched up 1.06%, following a 1.01% rise in the previous month.
Published on 2021-07-16

Nigeria Inflation Rate Drops for 2nd Month
Nigeria's annual inflation rate eased for the second straight month to 17.93% in May of 2021 from 18.12% in April, amid a slight slowdown in prices of food & non-alcoholic beverages & tobacco (22.28% vs 22.72% in April) and despite a recent currency devaluation. Still, the annual core inflation, which excludes the prices of volatile agricultural produce hit 13.15% in May, the highest since April of 2017. On a monthly basis, consumer prices inched up 1.01%, following a 0.97% increase in the prior month.
Published on 2021-06-15

Nigeria Inflation Rate Drops for 1st Time since 2019
Nigeria's annual inflation rate eased to 18.12% in April of 2021, the first decline since August 2019, down slightly from a four-year high of 18.17% in March. Food inflation dropped to 22.72% from a nearly 16-year peak of 22.95% in the prior month. Meanwhile, prices continued to rise sharply for transport (14.9% vs 14.7%); health (15.9% vs 15.8%); furnishings (12.6% vs 12.2%); clothing & footwear (13.2% vs 12.9%); miscellaneous goods & services (11.5% vs 11.4%) and housing & utilities (10.1%, the same as in March). On a monthly basis, consumer prices were up 0.97%, slowing from a 1.56% rise in the previous month.
Published on 2021-05-17

Nigeria March Inflation Rate at Over 4-Year High
Nigeria's annual inflation rate jumped for a 19th straight month to 18.17% in March of 2021, the highest since January of 2017, amid the continued impact of the coronavirus epidemic that has also induced a slump in oil prices and weakened the naira currency. Food inflation hit a nearly 16-year peak at 22.95%. On a monthly basis, consumer prices were up 1.56%, following a 1.54% increase in the previous month.
Published on 2021-04-15

Nigeria Inflation Rate at 4-Year High
Nigeria inflation rate jumped to 17.33 percent in February of 2021, the highest reading since February of 2017, from 16.47 in January and compared to market forecasts of 17.27 percent. It marks the 18th consecutive month of rising inflation as the coronavirus crisis led to a plunge in oil prices and a weaker naira, raising food and transportation costs. Food inflation topped 21.79 percent, the highest since October of 2005 and transportation surged 14.1 percent, namely air transport. The finance minister said late in February the country plans to cut import duty on tractors and mass transit vehicles to cut transportation costs and reduce food prices.
Published on 2021-03-16

Nigeria January Inflation Rate at Near 4-Year High
Nigeria's annual inflation rate climbed for a 17th straight month to 16.47% in January of 2021. It was the highest inflation rate since April of 2017, as food inflation hit an over 12-year high of 20.57% linked to pandemic disruptions and dollar shortages as well as lingering restrictions on imports of certain food items despite the reopening of the country's borders. At the same time, the incessant attacks on farmers and farmlands have prevented farmers from operating at optimal capacity. President Muhammadu Buhari is already under pressure to curb a decade-long jihadist insurgency in the northeast and growing criminal gang violence in the northwest. On a monthly basis, consumer prices increased 1.49%, the least in four months, slowing from a 1.61% rise in the previous month.
Published on 2021-02-16

Nigeria December Inflation Rate at Over 3-Year High
Nigeria's annual inflation rate soared for a 16th straight month to 15.75 percent in December of 2020. It was the highest inflation rate since November of 2017, on spiralling food prices (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade. The acceleration in inflation continued to be attributed to dollar shortages and surging jihadist attacks in farming areas as well as lingering disruptions from the COVID-19 pandemic. On a monthly basis, consumer prices inched up 1.61 percent, the most since May 2017, little-changed from a 1.60 percent increase in the prior month.
Published on 2021-01-15

Nigeria November Inflation Rate Soars to Near 3-Year High
Nigeria's annual inflation rate quickened for a 15th straight month to 14.89% in November of 2020 from 14.23% in October. It was the highest inflation rate since January of 2018, as food inflation hit a near three-year high of 18.3%, mainly linked to dollar shortages and surging jihadist attacks in farming areas. On a monthly basis, consumer prices inched up 1.60%, the most since May 2017, after increasing 1.54% in the previous month.
Published on 2020-12-15