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

Consumer prices in Nigeria rose 15.13 percent year-on-year in January of 2018, easing from a 15.37 percent in the previous month and slightly above market expectations of 15.05 percent. It was the lowest inflation rate since April 2016 as prices advanced at softer pace for food and non-alcoholic beverages, clothing and footwear and education. The inflation rate has been steady falling since reaching more than 12 year high of 18.72 percent in January of 2017. Inflation Rate in Nigeria averaged 12.49 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
width
height
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.




Nigeria Inflation Rate Lowest in 19 Months


Consumer prices in Nigeria rose 15.13 percent year-on-year in January of 2018, easing from a 15.37 percent rise in the previous month and slightly above market expectations of 15.05 percent. It was the lowest inflation rate since April 2016 as cost grew less for food and non-alcoholic beverages, clothing and footwear and education.

The inflation rate has been steady falling since reaching more than 12 year high of 18.72 percent in January of 2017.

Year-on-year, prices advanced at softer pace for food and non-alcoholic beverages (18.9 percent compared to 19.4 percent in December); clothing and footwear (14.8 percent compared to 15.0 percent) and education (10.9 percent compared to 11.0 percent). On the other hand, prices went up faster for: transport (12.4 percent compared to 12.3 percent); health (11.5 percent compared to 11.4 percent) and miscellaneous goods and services (11.7 percent compared to 11.5 percent), restaurants and hotels (10.8 percent compared to 10.5 percent); recreation and culture (10.1 percent compared to 9.9 percent) and communication (3.9 percent compared to 3.5 percent). In addition, inflation was steady for housing and utilities (8.3 percent, the same as in December); furnishings and household equipment (13.7 percent) and alcoholic beverages, tobacco and kola (8.6 percent).

Annual core inflation which excludes price of volatile agricultural products remained unchanged, after a 12.10 percent increase in the previous month.

On a monthly basis, consumer prices rose 0.8 percent, following a 0.6 percent gain in December.


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
2/14/2018 12:03:12 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-12-18 08:45 AM Inflation Rate YoY 15.90% 15.91% 15.8%
2018-01-16 08:05 AM Inflation Rate YoY 15.37% 15.9% 15.82% 15.8%
2018-02-14 08:00 AM Inflation Rate YoY 15.13% 15.37% 15.05% 15.5%
2018-03-14 08:50 AM Inflation Rate YoY 15.13% 14.80%
2018-04-16 08:40 AM Inflation Rate YoY 14.50%
2018-05-13 09:00 AM Inflation Rate YoY 14.30%


Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 15.13 15.37 47.56 -2.49 percent [+]
Consumer Price Index CPI 248.40 246.40 248.40 14.36 Index Points [+]
Core Consumer Prices 235.42 233.83 235.42 69.00 Index Points [+]
Core Inflation Rate 12.10 12.21 19.28 0.49 percent [+]
Food Inflation 18.92 19.42 39.54 -17.50 percent [+]
GDP Deflator 165.45 165.48 165.48 0.60 Index Points [+]
CPI Transportation 234.30 232.00 234.30 68.50 Index Points [+]
Inflation Rate Mom 0.60 0.59 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 February of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
15.13 15.37 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




inflation rate by Country
Country Last
Australia 1.90 Dec/17
Brazil 2.86 Jan/18
Canada 1.70 Jan/18
China 1.50 Jan/18
Euro Area 1.30 Jan/18
France 1.30 Jan/18
Germany 1.60 Jan/18
India 5.07 Jan/18
Indonesia 3.25 Jan/18
Italy 0.90 Jan/18
Japan 1.40 Jan/18
Mexico 5.55 Jan/18
Netherlands 1.50 Jan/18
Russia 2.20 Jan/18
South Korea 1.00 Jan/18
Spain 0.60 Jan/18
Switzerland 0.70 Jan/18
Turkey 10.35 Jan/18
United Kingdom 3.00 Jan/18
United States 2.10 Jan/18


Related

Latest