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

The inflation rate in Nigeria was recorded at 8.30 percent in September of 2014. Inflation Rate in Nigeria averaged 12.34 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.

   
 
 

Nigeria Inflation Rate


Actual Previous Highest Lowest Dates Unit Frequency
8.30 8.50 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 Thursday, October 30, 2014.


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.

Prices of food and non-alcoholic beverages increased at a slower 9.6 percent in September (9.95 percent in August) while the food alone index rose 9.7 percent (10 percent in the previous month). Additional downward pressures came from transport cost (up 6.9 percent compared with a 7.3 percent increase in August), housing (6.3 percent from 6.45 percent) and clothing and footwear (7.7 percent from 7.9 percent). 

On a monthly basis, consumer prices rose at a faster 0.55 percent, compared with a 0.48 percent increase in August, driven by higher health, transport and recreation cost. Food prices increased 0.6 percent, the same rate recorded in the previous month, with potatoes, yam, bread and cereals, meat and fruit recording the highest price increases. 

National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
10/15/2014 12:44:02 PM


Recent Releases

Nigeria Inflation Rate Up to 8.5% in August
Nigeria annual inflation rate accelerated for the sixth consecutive month to 8.5 percent in August of 2014 from 8.3 percent in the previous month due to rising food and transport cost. Published on 2014-09-15

Nigeria Inflation Rate Rises Further in July
Nigeria annual inflation rate accelerated further to 8.3 percent in July from 8.2 percent in the previous month. It the highest rate in twelve months, driven by higher food prices. Published on 2014-08-18


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-07-16 01:00 PM Nigeria
Inflation Rate YoY
Jun 2014 8.2% 8.0% 8.09%
2014-08-18 08:00 AM Nigeria
Inflation Rate YoY
Jul 2014 8.3% 8.2% 7.04%
2014-09-15 12:20 PM Nigeria
Inflation Rate YoY
Aug 2014 8.5% 8.3% 8.7% 8.33%
2014-10-14 07:30 PM Nigeria
Inflation Rate YoY
Sep 2014 8.3% 8.5% 8.59% 8.59%
2014-11-17 02:00 PM Nigeria
Inflation Rate YoY
Oct 2014 8.3% 8.44%


Nigeria Prices Last Previous Highest Lowest Unit
Core Inflation Rate 6.30 6.24 19.28 0.49 Percent [+]
Inflation Rate 8.30 8.50 47.56 -2.49 Percent [+]
Consumer Price Index CPI 161.30 160.40 161.30 54.00 Index Points [+]
Core Consumer Prices 159.40 158.40 159.40 69.00 Index Points [+]
Food Inflation 9.71 9.92 39.54 -17.50 Percent [+]
Inflation Rate Mom 0.55 0.43 8.93 -3.50 Percent [+]