Nigeria Inflation Rate  1996-2016 | Data | Chart | Calendar | Forecast

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. On a monthly basis, consumer prices went up 1.7 percent compared to a 2.75 percent rise in the preceding month. Inflation Rate in Nigeria averaged 12.15 percent from 1996 until 2016, 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. Inflation Rate in Nigeria is reported by the National Bureau of Statistics, Nigeria.

Nigeria Inflation Rate
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Actual Previous Highest Lowest Dates Unit Frequency
16.50 15.60 47.56 -2.49 1996 - 2016 percent Monthly
2009=100
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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-16 09:15 AM Apr 13.7% 12.8% 13.6% 13.9%
2016-06-14 08:30 AM May 15.6% 13.7% 14.4% 14.3%
2016-07-18 08:15 AM Jun 16.5% 15.6% 16.2% 15.5%
2016-08-18 12:00 PM Jul 16.5% 17%
2016-09-13 12:00 PM Aug 17.9%
2016-10-14 12:00 PM Sep 18.2%

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
7/18/2016 1:21:35 PM