Nigeria Inflation Rate  1996-2018 | Data | Chart | Calendar | Forecast

The inflation rate in Nigeria was recorded at 11.61 percent in May of 2018. Inflation Rate in Nigeria averaged 12.50 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.

Nigeria Inflation Rate
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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.

The inflation rate has been declining since reaching more than 12 year high of 18.7 percent in January of 2017.

Year-on-year, cost eased for food & non-alcoholic beverages (13.4 percent compared to 14.8 percent in April); housing & utilities (7 percent compared to 7.2 percent); clothing & footwear (11.8 percent compared to 12.7 percent); transport (11.2 percent compared to 11.6 percent); furnishings & household equipment (11.2 percent compared to 12.4 percent); education (9.9 percent compared to 10.1 percent); health (10.8 percent compared to 11 percent); miscellaneous goods & services (10.6 percent compared to 10.9 percent); restaurants & hotels (10.5 percent compared to 10.8 percent); alcoholic beverages, tobacco & kola (8.5 percent compared to 8.7 percent) and recreation & culture (7.9 percent compared to 8.4 percent). Meanwhile, cost went up faster for communication (5.1 percent compared to 4.9 percent).

Annual core inflation which excludes price of volatile agricultural products fell to 10.7 percent from 10.9 percent in the previous month.

On a monthly basis, consumer prices went up 1.1 percent, after rising 0.8 percent in April.


National Bureau of Statistics | Gabriela Costa | gabriela.costa@tradingeconomics.com
6/13/2018 4:32:20 PM



Calendar GMT Actual Previous Consensus TEForecast
2018-04-12 07:30 AM Inflation Rate YoY 13.34% 14.33% 14.5% 14.0%
2018-05-15 08:00 AM Inflation Rate YoY 12.48% 13.34% 12.5% 12.7%
2018-06-13 05:00 PM Inflation Rate YoY 11.61% 12.48% 11.4% 12%
2018-07-23 09:15 AM Inflation Rate YoY 11.61% 11.05% 11.3%
2018-08-16 08:00 AM Inflation Rate YoY 10.6%
2018-09-14 08:35 AM Inflation Rate YoY 10%


Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.61 12.48 47.56 -2.49 percent [+]
Consumer Price Index CPI 257.30 254.50 257.30 14.36 Index Points [+]
Core Consumer Prices 243.61 241.26 243.61 69.00 Index Points [+]
Core Inflation Rate 10.70 10.90 19.28 0.49 percent [+]
Food Inflation 13.45 14.80 39.54 -17.50 percent [+]
GDP Deflator 166.02 168.12 168.12 0.60 Index Points [+]
Cpi Housing Utilities 262.80 260.90 262.80 7.80 Index Points [+]
CPI Transportation 242.60 240.40 242.60 68.50 Index Points [+]
Inflation Rate Mom 1.10 0.80 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 July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
11.61 12.48 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




inflation rate by Country
Country Last
Australia 1.90 Mar/18
Brazil 4.39 Jun/18
Canada 2.50 Jun/18
China 1.90 Jun/18
Euro Area 2.00 Jun/18
France 2.00 Jun/18
Germany 2.10 Jun/18
India 5.00 Jun/18
Indonesia 3.12 Jun/18
Italy 1.30 Jun/18
Japan 0.70 Jun/18
Mexico 4.65 Jun/18
Netherlands 1.70 Jun/18
Russia 2.30 Jun/18
South Korea 1.50 Jun/18
Spain 2.30 Jun/18
Switzerland 1.10 Jun/18
Turkey 15.39 Jun/18
United Kingdom 2.40 Jun/18
United States 2.90 Jun/18


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