Nigeria's annual inflation rate increased to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018. Prices rose mainly for food, due to the ongoing closure of the country's land borders and the impact of unusual heavy rainfall on harvest. Inflation Rate in Nigeria averaged 12.43 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. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria is expected to be 11.67 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 10.00 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 9.00 percent in 2020, according to our econometric models.

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Nigeria Inflation Rate
Calendar GMT Actual Previous Consensus TEForecast
2019-08-16 07:40 AM Inflation Rate YoY Jul 11.08% 11.22% 11.2% 11.1%
2019-09-17 07:30 AM Inflation Rate YoY Aug 11.02% 11.08% 11.3%
2019-10-15 10:00 AM Inflation Rate YoY Sep 11.24% 11.02% 11%
2019-11-18 08:00 AM Inflation Rate YoY Oct 11.61% 11.24% 11.3%
2019-12-16 08:00 AM Inflation Rate YoY Nov 11.61% 11.64%
2020-01-15 08:00 AM Inflation Rate YoY Dec 11.67%
2020-02-14 08:00 AM Inflation Rate YoY Jan 11.30%



Nigeria October Inflation Rate at Near 1-1/2-Year High

Nigeria's annual inflation rate increased to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018. Prices rose mainly for food, due to the ongoing closure of the country's land borders and the impact of unusual heavy rainfall on harvest.

Year-on-year, food inflation was the sharpest in 1-1/2 years (14.09 percent vs 13.51 percent in September), mainly reflecting food shortages caused by the ongoing borders closure ordered by President Buhari to avoid smuggling of rice and other commodities as well as the impact of unusual heavy rainfall on harvest. Prices also rose at quicker pace for housing & utilities (7.62 percent vs 7.43 percent); transport (9.07 percent vs 8.97 percent), education (8.69 percent vs 8.64 percent); health (9.32 percent vs 9.22 percent); miscellaneous goods & services (8.83 percent vs 8.70 percent); restaurants & hotels (8.24 percent vs 8.20 percent); communications (7.88 percent vs 7.85 percent) and recreation & culture (8.06 percent vs 8.0 percent).

Meantime, inflation was steady for clothing & footwear for the third consecutive month (at 9.77 percent) while it slowed for furnishings (9.10 percent vs 9.14 percent) and alcoholic beverages, tobacco and Kola (9.93 percent vs 10.01 percent).

Annual core inflation, which excludes price of volatile agricultural products, eased slightly to 8.88 percent from 8.94 percent in the previous month.

On a monthly basis, consumer prices went up 1.07 percent, after rising 1.04 percent in the preceding month.


National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
11/18/2019 10:11:50 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.61 11.24 47.56 -2.49 percent [+]
Consumer Price Index CPI 301.80 298.60 301.80 14.36 Index Points [+]
Core Consumer Prices 276.19 274.16 276.19 69.00 Index Points [+]
Core Inflation Rate 8.90 8.90 19.28 0.49 percent [+]
Food Inflation 14.09 13.51 39.54 -17.50 percent [+]
GDP Deflator 206.74 193.63 206.74 0.60 Index Points [+]
Cpi Housing Utilities 291.10 291.10 291.10 7.80 Index Points [+]
CPI Transportation 274.70 272.60 274.70 68.50 Index Points [+]
Inflation Rate Mom 1.07 1.04 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 December of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
11.61 11.24 47.56 -2.49 1996 - 2019 percent Monthly
2009=100




Country Last Previous
Argentina 50.50 Oct/19 53.5
Australia 1.70 Sep/19 1.6
Brazil 3.27 Nov/19 2.54
Canada 1.90 Oct/19 1.9
China 4.50 Nov/19 3.8
Euro Area 1.00 Nov/19 0.7
France 1.00 Nov/19 0.8
Germany 1.10 Nov/19 1.1
India 4.62 Oct/19 3.99
Indonesia 3.00 Nov/19 3.13
Italy 0.40 Nov/19 0.2
Japan 0.20 Oct/19 0.2
Mexico 2.97 Nov/19 3.02
Netherlands 2.60 Nov/19 2.7
Russia 3.50 Nov/19 3.8
Saudi Arabia -0.30 Oct/19 -0.7
Singapore 0.40 Oct/19 0.5
South Africa 3.60 Nov/19 3.7
South Korea 0.20 Nov/19 0
Spain 0.40 Nov/19 0.1
Switzerland -0.10 Nov/19 -0.3
Turkey 10.56 Nov/19 8.55
United Kingdom 1.50 Oct/19 1.7
United States 2.10 Nov/19 1.8


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