Nigeria's annual inflation rate rose further to 11.28 percent in September of 2018 from 11.23 percent in August. It was the highest inflation rate since May, mainly due to higher cost of food. On a monthly basis, consumer prices went up 0.84 percent, easing from a 1.05 percent gain in the prior month. Inflation Rate in Nigeria averaged 12.48 percent from 1996 until 2018, 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 10.50 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 12.50 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 11.20 percent in 2020, according to our econometric models.

Nigeria Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-08-15 08:00 AM Inflation Rate YoY 11.14% 11.23% 11.1% 10.9%
2018-09-14 11:00 AM Inflation Rate YoY 11.23% 11.14% 11.11% 11.2%
2018-10-16 07:30 AM Inflation Rate YoY 11.28% 11.23% 11.4%
2018-11-21 08:00 AM Inflation Rate YoY 11.28% 11.33% 11.3%
2018-12-13 09:00 AM Inflation Rate YoY 10.5%



Nigeria Inflation Rate at 4-Month High of 11.28%


Nigeria's annual inflation rate rose further to 11.28 percent in September of 2018 from 11.23 percent in August. It was the highest inflation rate since May, amid a generalized increase in prices. On a monthly basis, consumer prices went up 0.84 percent, easing from a 1.05 percent gain in the prior month.

Year-on-year, prices increased further for food (13.31 percent compared to 13.16 percent in August); housing & utilities (7.27 percent compared to 7.25 percent); education (9.92 percent compared to 9.83 percent); health (9.65 percent compared to 9.64 percent); restaurants & hotels (9.39 percent compared to 9.38 percent) and communication (6.79 percent compared to 6.32 percent). 

Meanwhile, cost slowed for clothing & footwear (10.03 percent compared to 10.20 percent); transport (10.50 percent compared to 10.65 percent); furnishings & household equipment maintenance (9.79 percent compared to 10.07 percent) and miscellaneous goods & services (9.85 percent compared to 10.03 percent). Additionally, inflation was steady for recreation & culture (8.32 percent). 

Annual core inflation which excludes price of volatile agricultural products declined to 9.84 percent in September from 10.02 percent in the prior month.

On a monthly basis, consumer prices rose 0.8 percent, slowing from a 1.0 percent gain in August.


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
10/16/2018 9:53:09 AM


Recent Releases

Nigeria Annual Inflation Rate Rises to 11.2% in August
Nigeria’s annual inflation rate increased to 11.23 percent in August of 2018 from 11.14 percent in July and above market expectations of 11.11 percent. It was the first rise in inflation rate after being declining since January 2017, when it reached a 12 year high of 18.7 percent.
Published on 2018-09-14

Nigeria Inflation Rate Falls to New 2-1/2-Year Low
Nigeria's annual inflation rate eased further to 11.14 percent in July 2018 from 11.23 percent in the previous month, and matched market expectations of 11.1 percent. It was the lowest inflation rate since January 2016.
Published on 2018-08-15

Nigeria Inflation Rate at 29-Month Low of 11.23%
Inflation rate in Nigeria eased further to 11.23 percent in June of 2018 from 11.61 percent in the previous month. It compares with market expectations of 11.05 percent. Still, it was the lowest inflation rate since January of 2016.
Published on 2018-07-23

Nigeria Inflation Rate Slows Less Than Expected
Nigeria’s inflation rate decreased to 11.6 percent in May of 2018 from 12.5 percent in the prior month and slightly above market expectations of 11.4 percent. It was the lowest inflation rate since February of 2016, as prices of food & non-alcoholic beverages, housing & utilities, clothing & footwear and transport grew at a slower pace.
Published on 2018-06-13



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.28 11.23 47.56 -2.49 percent [+]
Consumer Price Index CPI 268.40 266.20 268.40 14.36 Index Points [+]
Core Consumer Prices 251.65 250.05 251.65 69.00 Index Points [+]
Core Inflation Rate 9.80 10.00 19.28 0.49 percent [+]
Food Inflation 13.31 13.16 39.54 -17.50 percent [+]
GDP Deflator 185.15 176.72 185.15 0.60 Index Points [+]
Cpi Housing Utilities 269.20 267.80 269.20 7.80 Index Points [+]
CPI Transportation 250.10 248.50 250.10 68.50 Index Points [+]
Inflation Rate Mom 0.80 1.00 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
11.28 11.23 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




Country Last
Argentina 45.50 Oct/18
Australia 1.90 Sep/18
Brazil 4.56 Oct/18
Canada 2.20 Sep/18
China 2.50 Oct/18
Euro Area 2.20 Oct/18
France 2.20 Oct/18
Germany 2.50 Oct/18
India 3.31 Oct/18
Indonesia 3.16 Oct/18
Italy 1.60 Oct/18
Japan 1.20 Sep/18
Mexico 4.90 Oct/18
Netherlands 2.10 Oct/18
Russia 3.50 Oct/18
Saudi Arabia 2.10 Sep/18
Singapore 0.70 Sep/18
South Africa 4.90 Sep/18
South Korea 2.00 Oct/18
Spain 2.30 Oct/18
Switzerland 1.10 Oct/18
Turkey 25.24 Oct/18
United Kingdom 2.40 Oct/18
United States 2.50 Oct/18


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