Nigeria Inflation Rate 1996-2014 | Data | Chart | Calendar | Forecast

The inflation rate in Nigeria was recorded at 7.90 percent in November of 2014. Inflation Rate in Nigeria averaged 12.31 percent from 1996 until 2014, 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.

      Forecast    
Nigeria Inflation Rate


Actual Previous Highest Lowest Dates Unit Frequency
7.90 8.10 47.56 -2.49 1996 - 2014 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. Content for - Nigeria Inflation Rate - was last refreshed on Saturday, December 20, 2014.


Nigeria Inflation Rate Down to 7.9%


Nigerian annual inflation rate eased for the third straight month to 7.9 percent in November of 2014, slightly down from 8.1 percent in the previous month due to lower food prices.

Year-on-year, food prices rose 9.1, following a 9.3 percent increase in October. While the majority of groups that contribute to the food index declined, price increases were observed for vegetables, coffee, tea and cocoa. Meat increased at roughly the same pace relative to October.

Cost of housing, water, electricity, gas and other fuels increased 5.89 percent (6.1 percent in October); transport prices rose 6.59 percent (6.7 percent in the previous month) and education cost advanced 6.6 percent, the same rate recorded a month earlier.

On a month-on-month basis, consumer prices grew 0.59 percent in November, up from 0.51 percent in October. Food prices increased by 0.6 percent in November, after reaching the year’s low in October (0.5 percent). The highest price increases were recorded for coffee, tea, cocoa, fish, meat and fruit.

The core index, which excludes prices of volatile agricultural, increased at the same pace (6.3 percent year-on-year) for the fourth consecutive month in November. The increase was mainly due to higher prices of fuels, non-durable goods and transport.

National Bureau of Statistics | Carolina Cunha | carolina.cunha@tradingeconomics.com
12/15/2014 4:02:40 PM


Recent Releases

Nigeria Inflation Rate Slows in October
Nigerian annual inflation rate eased for the second consecutive month to 8.1 percent in October of 2014 from 8.3 percent in September, as food prices posted the lowest gain since March. Published on 2014-11-10

Nigeria Inflation Rate Edges Down in September
Nigerian annual inflation rate slowed slightly to 8.3 percent in September of 2014 from 8.5 percent in August, as food prices eased for the first time in six months. Published on 2014-10-15


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-10-14 07:30 PM
Inflation Rate YoY  Sep
8.3% 8.5% 8.59% 8.59%
2014-11-09 08:30 AM
Inflation Rate YoY  Oct
8.1% 8.3% 8.1%
2014-12-15 02:15 PM
Inflation Rate YoY  Nov
7.9% 8.1% 8.1% 8.17%
2015-03-17 12:00 PM
Inflation Rate YoY  Feb
7.9% 8.85%
2015-04-15 08:15 AM
Inflation Rate YoY  Mar
8.92%
2015-05-14 08:30 PM
Inflation Rate YoY  Apr
8.55%


Nigeria Prices Last Previous Highest Lowest Unit
Core Inflation Rate 6.26 6.30 19.28 0.49 percent [+]
Inflation Rate 7.90 8.10 47.56 -2.49 percent [+]
Consumer Price Index CPI 163.10 162.10 163.10 54.00 Index Points [+]
Core Consumer Prices 161.30 160.30 161.30 69.00 Index Points [+]
Food Inflation 9.10 9.37 39.54 -17.50 percent [+]
Inflation Rate Mom 0.60 0.51 8.93 -3.50 percent [+]


Inflation Rate Reference Previous Highest Lowest Unit
Australia 2.30 Aug/14 3.00 23.90 -1.30 percent [+]
Brazil 6.56 Nov/14 6.59 6821.31 1.65 percent [+]
Canada 2.00 Nov/14 2.40 21.60 -17.80 percent [+]
China 1.40 Nov/14 1.60 28.40 -2.20 percent [+]
Euro Area 0.30 Nov/14 0.40 5.00 -0.70 percent [+]
France 0.30 Nov/14 0.50 18.80 -0.70 percent [+]
Germany 0.57 Nov/14 0.80 11.54 -7.62 percent [+]
India 4.38 Nov/14 5.52 11.16 4.38 percent [+]
Indonesia 6.23 Nov/14 4.83 82.40 -1.17 percent [+]
Italy 0.19 Nov/14 0.10 25.64 -2.44 percent [+]
Japan 2.90 Oct/14 3.20 25.00 -2.52 percent [+]
Mexico 4.17 Nov/14 4.30 179.73 2.91 percent [+]
Netherlands 1.00 Nov/14 1.10 11.19 -1.30 percent [+]
Russia 9.10 Nov/14 8.30 2333.30 3.60 percent [+]
South Korea 1.00 Nov/14 1.20 32.50 0.20 percent [+]
Spain -0.40 Nov/14 -0.10 28.43 -1.37 percent [+]
Switzerland -0.10 Nov/14 0.00 11.92 -1.37 percent [+]
Turkey 9.15 Nov/14 8.96 138.71 -4.01 percent [+]
United Kingdom 1.00 Nov/14 1.30 8.50 0.50 percent [+]
United States 1.30 Nov/14 1.70 23.70 -15.80 percent [+]