Nigeria Inflation Rate 1996-2015 | Data | Chart | Calendar | Forecast

The inflation rate in Nigeria was recorded at 8.20 percent in January of 2015. Inflation Rate in Nigeria averaged 12.27 percent from 1996 until 2015, 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
8.20 8.00 47.56 -2.49 1996 - 2015 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, February 28, 2015.


Nigeria Inflation Rate Highest in 4-Months


Nigeria annual inflation rate accelerated slightly to 8.2 percent in January of 2015 from 8 percent in the previous month, driven mostly by higher food, housing and utilities prices.

In January, food cost increased 9.2 percent, the same rate as in December with prices of imported food rising 8.35 percent.  Cost of clothing and footwear advanced 7.96 percent; transport prices increased 6.91 percent and prices of housing, water, electricity and gas went up 6.27 percent.

The annual core index, which excludes prices of volatile agricultural, rose by 6.8 percent, up from 6.2 percent in the previous month with prices of housing, water, electricity and gas registering the highest increase.

On a monthly basis, the consumer price index rose by 0.81 percent, almost unchanged from 0.82 percent in December. Food prices increased 0.9 percent, the same pace as in December.

The increase in cost of goods and services was less than expected given a sharp fall in the value of the currecy.  Since the beginning of the year, the naira lost near 12 percent against the USD. 

National Bureau of Statistics | Carolina Cunha | carolina.cunha@tradingeconomics.com
2/16/2015 3:36:27 PM


Recent Releases

Nigeria Inflation Rate Rises Sightly in December
Nigeria annual inflation edged up to 8 percent in December of 2014 from 7.9 percent in the previous month, as food prices increased for the first time in four months. Published on 2015-01-20

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. Published on 2014-12-15


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-15 02:15 PM
Inflation Rate YoY  Nov
7.9% 8.1% 8.1% 8.17%
2015-01-13 01:20 PM
Inflation Rate YoY  Dec
8% 7.9% 8.12% 8.3%
2015-02-16 11:00 AM
Inflation Rate YoY  Jan
8.2% 8% 8.3%
2015-03-17 12:00 PM
Inflation Rate YoY  Feb
8.2% 8.4%
2015-04-15 08:15 AM
Inflation Rate YoY  Mar
8.7%
2015-05-14 08:30 PM
Inflation Rate YoY  Apr
8.44%


Nigeria Prices Last Previous Highest Lowest Unit
Core Inflation Rate 6.20 6.26 19.28 0.49 percent [+]
Inflation Rate 8.20 8.00 47.56 -2.49 percent [+]
Consumer Price Index CPI 165.80 164.40 165.80 14.36 Index Points [+]
Core Consumer Prices 163.70 162.50 163.70 69.00 Index Points [+]
Food Inflation 9.20 9.14 39.54 -17.50 percent [+]
Inflation Rate Mom 0.81 0.82 8.93 -3.50 percent [+]


Inflation Rate Reference Previous Highest Lowest Unit
Australia 1.70 Nov/14 2.30 23.90 -1.30 percent [+]
Brazil 7.14 Jan/15 6.41 6821.31 1.65 percent [+]
Canada 1.00 Jan/15 1.50 21.60 -17.80 percent [+]
China 0.80 Jan/15 1.50 28.40 -2.20 percent [+]
Euro Area -0.60 Jan/15 -0.20 5.00 -0.70 percent [+]
France -0.40 Jan/15 0.10 18.80 -0.70 percent [+]
Germany 0.10 Feb/15 -0.40 11.54 -7.62 percent [+]
India 5.11 Jan/15 5.00 11.16 4.38 percent [+]
Indonesia 6.96 Jan/15 8.36 82.40 -1.17 percent [+]
Italy -0.19 Feb/15 -0.60 25.64 -0.60 percent [+]
Japan 2.40 Jan/15 2.40 25.00 -2.52 percent [+]
Mexico 3.07 Jan/15 4.08 179.73 2.91 percent [+]
Netherlands 0.00 Jan/15 0.70 11.19 -1.30 percent [+]
Russia 15.00 Jan/15 11.40 2333.30 3.60 percent [+]
South Korea 0.80 Jan/15 0.80 32.50 0.20 percent [+]
Spain -1.10 Feb/15 -1.30 28.43 -1.37 percent [+]
Switzerland -0.50 Jan/15 -0.30 11.92 -1.37 percent [+]
Turkey 7.24 Jan/15 8.17 138.71 -4.01 percent [+]
United Kingdom 0.30 Jan/15 0.50 8.50 0.30 percent [+]
United States -0.10 Jan/15 0.80 23.70 -15.80 percent [+]