Nigeria's annual inflation rate edged down to 11.08 percent In July 2019 from 11.22 percent in the previous month. It was the lowest inflation rate since July 2018, amid a generalized slowdown in prices, especially for food. Inflation Rate in Nigeria averaged 12.44 percent from 1996 until 2019, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000.

Inflation Rate in Nigeria is expected to be 11.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Nigeria to stand at 11.00 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 10.00 percent in 2020, according to our econometric models.

Nigeria Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-15 07:50 AM Inflation Rate YoY Apr 11.37% 11.25% 11.0%
2019-06-17 11:05 AM Inflation Rate YoY May 11.40% 11.37% 11.5%
2019-07-15 11:00 AM Inflation Rate YoY Jun 11.22% 11.40% 11.7%
2019-08-16 07:40 AM Inflation Rate YoY Jul 11.08% 11.22% 11.2% 11.1%
2019-09-13 08:00 AM Inflation Rate YoY Aug 11.08% 11.1%
2019-10-14 08:00 AM Inflation Rate YoY Sep 11.2%
2019-11-14 08:00 AM Inflation Rate YoY Oct 11.2%



Nigeria July Inflation Rate Nears 1-Year Low

Nigeria's annual inflation rate edged down to 11.08 percent In July 2019 from 11.22 percent in the previous month. It was the lowest inflation rate since July 2018, amid a generalized slowdown in prices, especially for food.

Year-on-year, prices slowed for food (13.39 percent vs 13.56 percent in June); housing & utilities (7.08 percent vs 7.14 percent); transport (8.71 percent vs 8.88 percent); clothing & footwear (9.83 percent vs 9.86 percent); furnishings & household equipment maintenance (9.12 percent vs 9.24 percent); education (8.57 percent vs 8.82 percent); health (9.05 percent vs  9.30 percent); miscellaneous goods & services (8.41 percent vs 8.55 percent); restaurants & hotels (8.07 percent vs 8.24 percent); alcoholic beverages, tobacco and kola (10.16 percent  vs 10.28 percent) and recreation & culture (7.82 percent vs 8.05 percent).

Meanwhile, cost continued to advance for communication (7.76 percent vs 7.73 percent).

Annual core inflation, which excludes price of volatile agricultural products, edged down to 8.80 percent in July, it lowest level since December 2015, from 8.84 percent in the previous month.

On a monthly basis, consumer prices increased 1.01 percent, slightly lower than a 1.07 rise in June.


National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
8/16/2019 11:01:21 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.08 11.22 47.56 -2.49 percent [+]
Consumer Price Index CPI 292.60 289.70 292.60 14.36 Index Points [+]
Core Consumer Prices 269.95 267.88 269.95 69.00 Index Points [+]
Core Inflation Rate 8.80 8.80 19.28 0.49 percent [+]
Food Inflation 13.39 13.56 39.54 -17.50 percent [+]
GDP Deflator 193.63 185.02 193.63 0.60 Index Points [+]
Cpi Housing Utilities 285.50 283.60 285.50 7.80 Index Points [+]
CPI Transportation 268.50 266.50 268.50 68.50 Index Points [+]
Inflation Rate Mom 1.10 1.10 8.93 -3.50 percent [+]


Nigeria Inflation Rate

In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states. The most important categories in the CPI are Food and Non Alcoholic Beverages (51.8 percent of total weight); Housing, Water, Electricity, Gas and Other Fuel (16.7 percent) and Clothing and Footwear (7.7 percent). Transports account for 6.5 percent of total index and Furnishings and Household Equipment Maintenance for 5 percent. Education represents 3.9 percent of total weight, Health 3 percent, Miscellaneous Goods and Services 1.7 percent and Restaurants and Hotels 1.2 percent. Alcoholic Beverages, Tobacco and Kola account for 1.1 percent of total index, Communications for 0.7 percent and Recreation and Culture for the remaining 0.7 percent. This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Inflation Rate - actual data, historical chart and calendar of releases - was last updated on August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11.08 11.22 47.56 -2.49 1996 - 2019 percent Monthly
2009=100




Country Last Previous
Argentina 54.40 Jul/19
Australia 1.60 Jun/19
Brazil 3.22 Jul/19
Canada 2.00 Jun/19
China 2.80 Jul/19
Euro Area 1.10 Jul/19
France 1.10 Jul/19
Germany 1.70 Jul/19
India 3.15 Jul/19
Indonesia 3.32 Jul/19
Italy 0.40 Jul/19
Japan 0.70 Jun/19
Mexico 3.78 Jul/19
Netherlands 2.50 Jul/19
Russia 4.60 Jul/19
Saudi Arabia -1.40 Jun/19
Singapore 0.60 Jun/19
South Africa 4.50 Jun/19
South Korea 0.60 Jul/19
Spain 0.50 Jul/19
Switzerland 0.30 Jul/19
Turkey 16.65 Jul/19
United Kingdom 2.10 Jul/19
United States 1.80 Jul/19


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