Nigeria Inflation Rate  1996-2017 | Data | Chart | Calendar | Forecast

Nigeria's consumer prices increased by 17.78 percent year-on-year in February of 2017, following 18.72 percent gain in the previous month. The inflation rate slowed for the first time in fifteen months, mainly due to non-food prices. Inflation Rate in Nigeria averaged 12.34 percent from 1996 until 2017, 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.

Nigeria Inflation Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-01-13 05:45 PM Dec 18.55% 18.48% 18.61%
2017-02-15 12:00 PM Jan 18.72% 18.55% 18.6% 18.71%
2017-03-14 08:50 AM Feb 17.78% 18.72% 18.81%
2017-04-12 09:00 AM Mar 17.78% 17.50%
2017-05-16 09:00 AM Apr 17.1%
2017-06-14 09:00 AM May 16.9%




Nigeria Inflation Rate Slows to 17.78% in February


Nigeria's consumer prices increased by 17.78 percent year-on-year in February of 2017, following 18.72 percent gain in the previous month. The inflation rate slowed for the first time in fifteen months, mainly due to non-food prices.

Compared to February of 2016, prices increased at a slower pace for: housing and utilities (20.4 percent from 27.2 percent in January); education (19.1 percent from 21 percent); clothing and footwear (17.4 percent from 17.9 percent); furnishings and household equipment (13.3 percent from 13.9 percent) and transport (16.8 percent from 17.2 percent).

Meanwhile, cost of food rose faster by 18.5 percent following 17.8 percent in the previous month, namely for bread, cereals, fish, meat, potatoes and wine; while increased less for imported food (19.4 percent from 21 percent). 

Annual core inflation rate edged down to 16 percent from 17.85 percent in the previous month.

On a monthly basis, consumer prices went up 1.49 percent compared with a 1.01 percent rise in the previous month, as cost rose for: food (+1.99 percent); imported food (+0.9 percent); housing and utilities (+1.02 percent); clothing and footwear (+1.04 percent) and transport (+0.99 percent).

National Bureau of Statistics | Deborah Neves | deborah.neves@tradingeconomics.com
3/14/2017 10:27:16 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 17.78 18.72 47.56 -2.49 percent [+]
Consumer Price Index CPI 218.90 215.70 218.90 14.36 Index Points [+]
Core Consumer Prices 212.34 210.00 212.34 69.00 Index Points [+]
Core Inflation Rate 16.00 17.85 19.28 0.49 percent [+]
Food Inflation 18.50 17.82 39.54 -17.50 percent [+]
Inflation Rate Mom 1.01 1.08 8.93 -3.50 percent [+]
GDP Deflator 160.13 151.12 160.13 0.60 Index Points [+]
Cpi Transportation 210.60 208.50 210.60 68.50 Index Points [+]



Nigeria Inflation Rate Notes

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 March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
17.78 18.72 47.56 -2.49 1996 - 2017 percent Monthly
2009=100



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Romania 0.20 Feb/17
Russia 4.60 Feb/17
Rwanda 13.40 Feb/17
Sao Tome and Principe 4.90 Feb/17
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Senegal 2.00 Feb/17
Serbia 3.20 Feb/17
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