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.

Compared to January of 2016, cost of food increased by 17.8 percent following 17.4 percent in December (namely for bread and cereals; meat, oil and fats, and fish) while prices of imported food increased slightly less (21 percent from 21.1 percent). Additional upward pressure came from: housing and utilities (27.2 percent, at the same pace as in December); education (21 percent from 21.6 percent); clothing and footwear (17.9 percent from +18.8 percent); furnishings and household equipment (13.9 percent from 13.6 percent) and transport (17.2 percent from 17.3 percent).

Annual core inflation rate edged down to 17.85 percent from 18.03 percent in the previous month.

On a monthly basis, consumer prices went up 1.01 percent compared with a 1.06 percent rise in the previous month, as cost rose for: food (+1.3 percent); imported food (+0.9 percent); housing and utilities (+0.6 percent); and clothing and footwear (+0.9 percent).

National Bureau of Statistics | Deborah Neves | deborah.neves@tradingeconomics.com
2/15/2017 2:51:18 PM