Nigeria Inflation Rate  1996-2017 | Data | Chart | Calendar | Forecast

Consumer Prices in Nigeria increased 16.01 percent year-on-year in August of 2017, following a 16.05 percent rise in July and in line with market expectations of 16 percent. It is the seventh consecutive decline in inflation and a new low since May of 2016. The highest increases were seen in prices of clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear. On the other hand, food inflation edged down to 20.25 percent from 20.28 percent in July which was the highest since the new CPI series began in 2009. Inflation Rate in Nigeria averaged 12.43 percent from 1996 until 2017, 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 Falls Slightly to 16.01% in August


Consumer Prices in Nigeria increased 16.01 percent year-on-year in August of 2017, following a 16.05 percent rise in July and in line with market expectations of 16 percent. It is the seventh consecutive decline in inflation and a new low since May of 2016. The highest increases were seen in prices of clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear. On the other hand, food inflation edged down to 20.25 percent from 20.28 percent in July which was the highest since the new CPI series began in 2009.

Year-on-year, prices rose less for housing and utilities (9.15 percent compared to 9.56 percent in July); education (13.89 percent compared to 14.99 percent), alcoholic beverages, tobacco and Kola (9.22 percent compared to 9.50 percent) and communication (2.94 percent compared to 3.04 percent).  On the other hand, prices rose faster for transport (11.82 percent compared to 11.74 percent), clothing and footwear (15.92 percent compared to 15.77 percent) and restaurants and hotels (9.46 percent compared to 8.77 percent).

Among food items, increases were mainly seen in prices for bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa.

Annual core inflation which excludes prices of volatile agricultural products increased to 12.30 percent from 12.21 percent in July.

On a monthly basis, consumer prices rose 0.97 percent, following a 1.21 percent increase in July. 

National Bureau of Statistics | Marta Dubiel | marta.dubiel@tradingeconomics.com
9/15/2017 12:15:40 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-07-17 08:00 AM Inflation Rate YoY 16.10% 16.25% 15.4%
2017-08-28 08:00 AM Inflation Rate YoY 16.05% 16.10% 16% 16%
2017-09-15 08:35 AM Inflation Rate YoY 16.01% 16.05% 16% 16%
2017-10-13 09:00 AM Inflation Rate YoY 16.01% 16.1%
2017-11-14 09:00 AM Inflation Rate YoY 16%
2017-12-15 09:00 AM Inflation Rate YoY 15.8%


Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 16.01 16.05 47.56 -2.49 percent [+]
Consumer Price Index CPI 239.30 237.00 239.30 14.36 Index Points [+]
Core Consumer Prices 227.29 225.19 227.29 69.00 Index Points [+]
Core Inflation Rate 12.30 12.21 19.28 0.49 percent [+]
Food Inflation 20.25 20.28 39.54 -17.50 percent [+]
Inflation Rate Mom 0.97 1.21 8.93 -3.50 percent [+]
GDP Deflator 165.48 164.76 165.48 0.60 Index Points [+]
CPI Transportation 224.60 222.70 224.60 68.50 Index Points [+]


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 September of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
16.01 16.05 47.56 -2.49 1996 - 2017 percent Monthly
2009=100




inflation rate by Country

Last
Australia 1.90 Jun/17
Brazil 2.46 Aug/17
Canada 1.40 Aug/17
China 1.80 Aug/17
Euro Area 1.50 Aug/17
France 0.90 Aug/17
Germany 1.80 Aug/17
India 3.36 Aug/17
Indonesia 3.82 Aug/17
Italy 1.20 Aug/17
Japan 0.40 Jul/17
Mexico 6.66 Aug/17
Netherlands 1.40 Aug/17
Russia 3.30 Aug/17
South Korea 2.60 Aug/17
Spain 1.60 Aug/17
Switzerland 0.50 Aug/17
Turkey 10.68 Aug/17
United Kingdom 2.90 Aug/17
United States 1.90 Aug/17