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

The inflation rate in Nigeria was recorded at 8 percent in December of 2014. Inflation Rate in Nigeria averaged 12.29 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
8.00 7.90 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 Monday, January 26, 2015.


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.

Year-on-year, food cost increased 9.2 percent in December, marginally up from 9.1 percent in November due to holiday season. The biggest price increases were recorded for meat, fish, and dairy groups while cost of bread and cereals, oil and fats, and fruits increased at a slower rate. Cost of imported food rose 8.21 percent. 

In December, clothing and footwear prices advanced 7.68 percent; housing water, electricity and gas cost went up 5.92 percent and prices of transport increased 6.75 percent.

On a monthly basis, the consumer price index rose by 0.82 percent, up from 0.6 percent in November, the highest figure since March of 2014. Food prices increased 0.9 percent as custmers had to pay more for fish, potatoes, yams, meat, and coffee.

The annual core index, which excludes prices of volatile agricultural, was almost unchanged (6.2 percent from 6.26 in November).

National Bureau of Statistics | Carolina Cunha | carolina.cunha@tradingeconomics.com
1/20/2015 6:04:24 PM


Recent Releases

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

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
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%
2015-01-13 01:20 PM
Inflation Rate YoY  Dec
8% 7.9% 8.12% 8.3%
2015-03-17 12:00 PM
Inflation Rate YoY  Feb
8% 8.74%
2015-04-15 08:15 AM
Inflation Rate YoY  Mar
8.81%
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 8.00 7.90 47.56 -2.49 percent [+]
Consumer Price Index CPI 164.40 163.10 164.40 14.36 Index Points [+]
Core Consumer Prices 162.50 161.30 162.50 69.00 Index Points [+]
Food Inflation 9.14 9.09 39.54 -17.50 percent [+]
Inflation Rate Mom 0.82 0.60 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 6.41 Dec/14 6.56 6821.31 1.65 percent [+]
Canada 1.50 Dec/14 2.00 21.60 -17.80 percent [+]
China 1.50 Dec/14 1.40 28.40 -2.20 percent [+]
Euro Area -0.20 Dec/14 0.30 5.00 -0.70 percent [+]
France 0.10 Dec/14 0.30 18.80 -0.70 percent [+]
Germany 0.20 Dec/14 0.57 11.54 -7.62 percent [+]
India 5.00 Dec/14 4.38 11.16 4.38 percent [+]
Indonesia 8.36 Dec/14 6.23 82.40 -1.17 percent [+]
Italy 0.00 Dec/14 0.19 25.64 -2.44 percent [+]
Japan 2.40 Nov/14 2.90 25.00 -2.52 percent [+]
Mexico 4.08 Dec/14 4.17 179.73 2.91 percent [+]
Netherlands 0.70 Dec/14 1.00 11.19 -1.30 percent [+]
Russia 11.40 Dec/14 9.10 2333.30 3.60 percent [+]
South Korea 0.80 Dec/14 1.00 32.50 0.20 percent [+]
Spain -1.00 Dec/14 -0.40 28.43 -1.37 percent [+]
Switzerland -0.30 Dec/14 -0.10 11.92 -1.37 percent [+]
Turkey 8.17 Dec/14 9.15 138.71 -4.01 percent [+]
United Kingdom 0.50 Dec/14 1.00 8.50 0.50 percent [+]
United States 0.80 Dec/14 1.30 23.70 -15.80 percent [+]