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

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. 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
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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.

Year-on-year, prices advanced faster for food & non-alcoholical beverages (13.16 percent compared to 12.82 percent in July); recreation & culture (8.32 percent compared to 8.28 percent) and communication (6.32 percent compared to 5.87 percent). 

On the other hand, cost eased for housing & utilities (7.25 percent compared to 7.27 percent); clothing & footwear (10.20 percent compared to 10.57 percent); transport (10.65 percent compared to 10.92 percent); furnishings & household equipment maintenance (10.07 percent compared to 10.66 percent); education (9.83 percent compared to 9.89 percent); health (9.64 percent compared to 9.94 percent); miscellaneous goods & services (10.03 percent compared to 10.29 percent) and restaurants & hotels (9.38 percent compared to 9.63 percent). 

Annual core inflation which excludes price of volatile agricultural products went up to 11.23 percent in August from 10.18 percent in the prior month.

On a monthly basis, consumer prices rose 1.0 percent, slowing from a 1.1 percent gain in July.


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/14/2018 11:41:53 AM


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Calendar GMT Actual Previous Consensus TEForecast
2018-07-23 07:15 AM Inflation Rate YoY 11.23% 11.61% 11.05% 11.3%
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 08:00 AM Inflation Rate YoY 11.23% 10.9%
2018-11-14 08:00 AM Inflation Rate YoY 10.7%
2018-12-13 09:00 AM Inflation Rate YoY 10.5%


Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 11.23 11.14 47.56 -2.49 percent [+]
Consumer Price Index CPI 266.20 263.40 266.20 14.36 Index Points [+]
Core Consumer Prices 250.05 248.12 250.05 69.00 Index Points [+]
Core Inflation Rate 11.20 10.20 19.28 0.49 percent [+]
Food Inflation 13.16 12.95 39.54 -17.50 percent [+]
GDP Deflator 185.15 176.72 185.15 0.60 Index Points [+]
Cpi Housing Utilities 267.80 266.60 267.80 7.80 Index Points [+]
CPI Transportation 248.50 247.00 248.50 68.50 Index Points [+]
Inflation Rate Mom 1.10 1.20 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 September of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
11.23 11.14 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




inflation rate by Country
Country Last
Argentina 34.40 Aug/18
Australia 2.10 Jun/18
Brazil 4.19 Aug/18
Canada 2.80 Aug/18
China 2.30 Aug/18
Euro Area 2.00 Aug/18
France 2.30 Aug/18
Germany 2.00 Aug/18
India 3.69 Aug/18
Indonesia 3.20 Aug/18
Italy 1.60 Aug/18
Japan 1.30 Aug/18
Mexico 4.90 Aug/18
Netherlands 2.30 Aug/18
Russia 3.10 Aug/18
Saudi Arabia 2.20 Aug/18
Singapore 0.70 Aug/18
South Africa 4.90 Aug/18
South Korea 1.40 Aug/18
Spain 2.20 Aug/18
Switzerland 1.20 Aug/18
Turkey 17.90 Aug/18
United Kingdom 2.70 Aug/18
United States 2.70 Aug/18


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