Nigeria Inflation Rate Highest Since 2005 in June


Consumer prices in Nigeria surged by 16.5 percent year-on-year in June of 2016, following a 15.6 percent jump in May. Figures came above market expectations of 16.3 percent increase, mostly driven by sharper rise in cost of food, housing and utilities.

Compared to June 2015, prices of food went up 15.3 percent (14.9 percent in May), housing, water, electricity and gas jumped 24.18 percent (22 percent). Other upward pressure came from: clothing and footwear (15.5 percent from 14 percent); transport (16.8 percent from 15.6 percent); furnishings and household equipment (12.4 percent from 11.3 percent); education (16.4 percent from 15.8 percent); health (11 percent from 10.1 percent); miscellaneous goods and services (12.6 percent from 12.7 percent) and alcoholic beverages, tobacco and cola (13.9 percent from 12.7 percent). Meanwhile, cost of restaurants and hotels rose by 9.9 percent at the same pace as in the previous month.

Annual core inflation rate accelerated to 16.2 percent from 15.1 percent in the previous month.

On a monthly basis, consumer prices increased 1.7 percent compared to a 2.75 percent rise in the preceding month, as cost of food  rose at a slower pace (+1.44 percent from +2.56 percent in May); housing, water, electricity and gas (+1.3 percent from +3.7 percent), transport (+2.15 percent from +2.7 percent) and clothing and footwear (+2.11 percent from +2.4 percent).

National Bureau of Statistics | Mojdeh Kazemi | mojdeh@tradingeconomics.com
8/20/2016 5:19:33 PM