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

Consumer prices in Nigeria advanced 13.3 percent year-on-year in March of 2018, easing from a 14.3 percent gain in the previous month and below market consensus of a 14.5 percent rise. It was the lowest inflation rate since March of 2016, mainly due to a slowdown in prices of food and housing and utilities. 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 to 2-Year Low in March


Consumer prices in Nigeria advanced 13.3 percent year-on-year in March of 2018, easing from a 14.3 percent gain in the previous month and below market consensus of a 14.5 percent rise. It was the lowest inflation rate since March of 2016, mainly due to a slowdown in prices of food and housing and utilities.

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

Year-on-year, prices increased at a softer pace for food and non-alcoholic beverages (16.1 percent compared to 17.6 percent in February); housing and utilities (7.5 percent compared to 7.9 percent) and clothing and footwear (13.6 percent compared to 14.4 percent). Also, cost rose less for transport (11.9 percent compared to 12.3 percent); furnishings and household equipment (12.9 percent compared to 13.5 percent); education (10.4 percent compared to 10.6 percent) and health (11.3 percent compared to 11.5 percent). In addition, prices slowed for miscellaneous goods and services (11.5 percent compared to 12.1 percent); restaurants and hotels (11.0 percent compared to 11.1 percent); alcoholic beverages, tobacco and kola (8.8 percent compared to 8.9 percent) and recreation and culture (9.1 percent compared to 9.9 percent). On the other hand, cost advanced further for communication (4.5 percent compared to 4.3 percent). 

Annual core inflation which excludes price of volatile agricultural products dropped to 11.3 percent, following a 11.7 percent gain in the prior month.

On a monthly basis, consumer prices remained unchanged, after increasing 0.8 percent in January.


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
4/12/2018 8:25:53 AM


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Calendar GMT Actual Previous Consensus TEForecast
2018-02-14 08:00 AM Inflation Rate YoY 15.13% 15.37% 15.05% 15.5%
2018-03-14 08:00 AM Inflation Rate YoY 14.33% 15.13% 14.5% 14.7%
2018-04-12 07:30 AM Inflation Rate YoY 13.34% 14.33% 14.5% 14.0%
2018-05-14 09:00 AM Inflation Rate YoY 13.34% 13.70%
2018-06-13 09:00 AM Inflation Rate YoY 13.40%
2018-07-13 08:00 AM Inflation Rate YoY 13.4%


Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 13.34 14.33 47.56 -2.49 percent [+]
Consumer Price Index CPI 252.40 250.30 252.40 14.36 Index Points [+]
Core Consumer Prices 239.19 237.19 239.19 69.00 Index Points [+]
Core Inflation Rate 11.20 11.70 19.28 0.49 percent [+]
Food Inflation 16.08 17.59 39.54 -17.50 percent [+]
GDP Deflator 168.12 165.45 168.12 0.60 Index Points [+]
Cpi Housing Utilities 259.20 257.50 259.20 7.80 Index Points [+]
CPI Transportation 238.40 236.40 238.40 68.50 Index Points [+]
Inflation Rate Mom 0.80 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 April of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
13.34 14.33 47.56 -2.49 1996 - 2018 percent Monthly
2009=100




inflation rate by Country
Country Last
Australia 1.90 Mar/18
Brazil 2.68 Mar/18
Canada 2.30 Mar/18
China 2.10 Mar/18
Euro Area 1.30 Mar/18
France 1.60 Mar/18
Germany 1.60 Mar/18
India 4.28 Mar/18
Indonesia 3.40 Mar/18
Italy 0.80 Mar/18
Japan 1.10 Mar/18
Mexico 5.04 Mar/18
Netherlands 1.00 Mar/18
Russia 2.40 Mar/18
South Korea 1.30 Mar/18
Spain 1.20 Mar/18
Switzerland 0.80 Mar/18
Turkey 10.23 Mar/18
United Kingdom 2.50 Mar/18
United States 2.40 Mar/18


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