Nigeria Inflation Rate Hits Fresh 11-Year High in July


Consumer prices in Nigeria jumped by 17.1 percent year-on-year in July of 2016, following a 16.5 percent increase in the previous month, compared to market expectation of 17.15 percent rise. It was the highest record since October 2005 as weak naira keeps pushing up food prices.

Compared to July 2015, prices of food surged 15.7 percent (15.3 percent in June), housing, water, electricity and gas jumped 25.6 percent (24.18 percent). Other upward pressure came from: clothing and footwear (16 percent from 15.5 percent); transport (17.5 percent from 16.8 percent); furnishings and household equipment (12.4 percent from 12.4 percent); education (17.7 percent from 16.4 percent); health (11 percent from 11 percent); miscellaneous goods and services (12.8 percent from 12.6 percent); alcoholic beverages, tobacco and cola (14.4 percent from 13.9 percent) and restaurants and hotels rose by 10.1 percent (9.9 percent).

Annual core inflation rate quickened to 16.9 percent from 16.2 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
8/31/2016 10:37:38 AM