Nigeria Inflation Rate Highest Since October 2005

Nigeria's consumer prices increased by 18.48 percent year-on-year in November 2016, following a 18.3 percent growth in the previous month and above market expectations of a 18.4 percent gain. The inflation rate accelerated for the 10th straight month to the highest level since at least October 2005, as prices continued to rise for housing, electricity and food. On a monthly basis, consumer prices went up 0.8 percent at the same pace as in the previous period.

Compared to November 2015, cost of food increased by 17.2 percent from a 17.1 percent growth in October (mainly for bread and cereals; oil and fats and fish and meat) and prices of imported food increased by 21.2 percent, at the same pace as in the previous month. Additional upward pressure came from: Housing and utilities (+27.2 percent from +26.9 percent in October); clothing and footwear (+18.2 percent from +17.8 percent); furnishings and household equipment (+13.5 percent from +13 percent) and transport (+17.7 percent from +18.2 percent).

Annual core inflation rate slowed to 14.54 percent from a nearly ten-year high of 18.1 percent in the previous month.

On a monthly basis, consumer prices increased 0.8 percent, the same as in October, as prices rose for: Food (+0.9 percent); imported food (+0.9 percent); housing and utilities (+0.6 percent); and clothing and footwear (+1 percent).

National Bureau of Statistics | Deborah Neves |
12/15/2016 11:11:12 AM