Nigeria Annual Inflation Rate Slows to 11.26% in October

The annual inflation rate in Nigeria fell to 11.26 percent in October of 2018 from 11.28 percent in the previous month and below market expectations of 11.33 percent. The slowdown in the inflation rate mainly reflected lower cost of food.

Year-on-year, prices eased food & non alcoholic beverages (13.24 percent compared to 13.27 percent in September), namely food (13.28 percent compared to 13.31 percent); clothing & footwear (9.98 percent compared to 10.03 percent); transport (10.37 percent compared to 10.50 percent); furnishings & household equipment maintenance (9.72 percent compared to 9.79 percent); education (9.85 percent compared to 9.92 percent) and miscellaneous goods & services (9.76 percent compared to 9.85 percent).

On the other hand, cost increased faster for housing & utilities (7.28 percent compared to 7.27 percent); health (9.70 percent compared to 9.65 percent); restaurants & hotels (9.42 percent to 9.39 percent); recreation & culture (8.38 percent compared to 8.32 percent) and communication (7.29 percent compared to 6.79 percent).

Annual core inflation which excludes price of volatile agricultural products rose to 9.88 percent in October from 9.84 percent in the prior month.

On a monthly basis, consumer prices went up 0.7 percent, slowing from a 0.8 percent gain in September.

Nigeria Annual Inflation Rate Slows to 11.26% in October

National Bureau of Statistics | Stefanie Moya |
11/21/2018 11:57:59 AM