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

Nigeria's consumer prices increased 16.25 percent year-on-year in May of 2017, easing from a 17.24 percent rise in the previous month. The inflation rate fell for the fourth straight month to the lowest in 11 months, led by a general slowdown in prices. Annual core inflation rate was 13.02 percent, the lowest since March last year. On a monthly basis, consumer prices increased 1.88 percent. Inflation Rate in Nigeria averaged 12.39 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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Calendar GMT Actual Previous Consensus Forecast (i)
2017-04-13 08:40 AM Mar 17.26% 17.78% 17.50%
2017-05-16 09:00 AM Apr 17.24% 17.26% 17.1%
2017-06-15 09:00 AM May 16.25% 17.24% 15.92% 16.9%
2017-07-18 09:00 AM Jun 16.25% 16.3%
2017-08-31 09:00 AM Jul 16.2%
2017-09-15 09:00 AM Aug 16.3%




Nigeria Inflation Rate Slows To 1-Year Low In May


Nigeria's consumer prices increased 16.25 percent year-on-year in May of 2017, easing from a 17.24 percent rise in the previous month. The inflation rate fell for the fourth straight month to the lowest in 12 months, led by a general slowdown in prices. Annual core inflation rate was 13.02 percent, the lowest since March last year. On a monthly basis, consumer prices increased 1.88 percent.

Compared to May of 2016, prices rose less for: food (19.27 percent vs 19.30 percent in April); housing and utlities (12.91 percent vs 16.05 percent); clothing and footwear (16.31 percent vs 17.10 percent); transport (13.26 percent vs 14.91 percent); furniture and household equipment (11.35 percent vs 12.84 percent); education (16.25 percent vs 18.19 percent); health (9.47 percent vs 10.66 percent); miscellaneous goods and services (10.09 percent vs 12.16 percent); communication (3.65 percent vs 3.96 percent) restaurants and hotels (7.84 percent vs 9.08 percent) and alcoholic beverages, tobacco and kola (11.04 percent vs 12.78 percent).

Annual core inflation rate eased to 13.02 percent from 14.75 percent in the previous month, reaching the lowest since March last year.

On a monthly basis, consumer prices rose 1.88 percent, accelerating from a 1.60 percent increase in April.

National Bureau of Statistics | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/15/2017 9:32:19 AM


Recent Releases

Nigeria Inflation Rate Slows For The 3rd Month
Nigeria's consumer prices increased 17.24 percent year-on-year in April of 2017, easing slightly from a 17.26 percent rise in the prior month. The inflation rate fell for the third straight month to the lowest in nine months, led by a slowdown in prices of housing and utilities and transport. Annual core inflation rate was 14.75 percent, the lowest since April last year. On a monthly basis, consumer prices increased 1.60 percent.
Published on 2017-05-16

Nigeria Inflation Rate Slows For The 2nd Month
Nigeria's consumer prices increased 17.26 percent year-on-year in March of 2017, easing from a 17.78 percent rise in the previous month. The inflation rate slowed for the second straight month, due to food and non-food prices, namely housing and utilities, clothing and footwear and transport.
Published on 2017-04-13

Nigeria Inflation Rate Slows to 17.78% in February
Nigeria's consumer prices increased by 17.78 percent year-on-year in February of 2017, following 18.72 percent gain in the previous month. The inflation rate slowed for the first time in fifteen months, mainly due to non-food prices.
Published on 2017-03-14

Nigeria Inflation Rate Highest Since September 2005
Nigeria's consumer prices increased by 18.72 percent year-on-year in January of 2017, following 18.55 percent rise in the previous month. The inflation rate accelerated for the 12th straight month to the highest since September 2005, as prices continued to rise for food and housing and utilities.
Published on 2017-02-15



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 16.25 17.24 47.56 -2.49 percent [+]
Consumer Price Index CPI 230.50 226.30 230.50 14.36 Index Points [+]
Core Consumer Prices 220.05 217.51 220.05 69.00 Index Points [+]
Core Inflation Rate 13.02 14.75 19.28 0.49 percent [+]
Food Inflation 19.27 19.30 39.54 -17.50 percent [+]
Inflation Rate Mom 1.88 1.60 8.93 -3.50 percent [+]
GDP Deflator 164.10 160.13 164.10 0.60 Index Points [+]
Cpi Transportation 218.10 215.40 218.10 68.50 Index Points [+]


Nigeria Inflation Rate Notes

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 June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
16.25 17.24 47.56 -2.49 1996 - 2017 percent Monthly
2009=100



inflation rate by Country

Last
Australia 2.10 Mar/17
Brazil 3.60 May/17
Canada 1.30 May/17
China 1.50 May/17
Euro Area 1.40 May/17
France 0.80 May/17
Germany 1.50 May/17
India 2.18 May/17
Indonesia 4.33 May/17
Italy 1.20 Jun/17
Japan 0.40 Apr/17
Mexico 6.16 May/17
Netherlands 1.10 May/17
Russia 4.10 May/17
South Korea 2.00 May/17
Spain 1.90 May/17
Switzerland 0.50 May/17
Turkey 11.72 May/17
United Kingdom 2.90 May/17
United States 1.90 May/17