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

The inflation rate in Nigeria was recorded at 8.10 percent in October of 2014. Inflation Rate in Nigeria averaged 12.33 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
8.10 8.30 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 Friday, November 28, 2014.


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.

Year-on-year, prices of food and non-alcoholic beverages rose 9.6 percent, the same rate recorded in September while the food alone index increased at a slower 9.3 percent in October (9.7 percent in the previous month). Other downward contributions came from housing cost (went up 6.1 percent following a 6.3 percent increase in September), clothing and footwear (7.5 percent from 7.7 percent) and transport (6.7 percent from 6.9 percent).

On a monthly basis, consumer prices decelerated marginally (0.51 percent from 0.55 percent in September). Food prices increased 0.5 percent, down from 0.6 percent in the previous month, with coffee, tea and cocoa; fish, dairy, and fruit recording the highest price increases. 

National Bureau of Statistics | Ricardo Martins | ricardo.martins@tradingeconomics.com
11/10/2014 11:35:16 AM


Recent Releases

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

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-09-15 12:20 PM
Inflation Rate YoY  Aug 2014
8.5% 8.3% 8.7% 8.33%
2014-10-14 07:30 PM
Inflation Rate YoY  Sep 2014
8.3% 8.5% 8.59% 8.59%
2014-11-09 08:30 AM
Inflation Rate YoY  Oct 2014
8.1% 8.3% 8.1%
2014-12-16 02:00 PM
Inflation Rate YoY  Nov 2014
8.1% 8.67%


Nigeria Prices Last Previous Highest Lowest Unit
Core Inflation Rate 6.30 6.30 19.28 0.49 percent [+]
Inflation Rate 8.10 8.30 47.56 -2.49 percent [+]
Consumer Price Index CPI 162.10 161.30 162.10 54.00 Index Points [+]
Core Consumer Prices 160.30 159.40 160.30 69.00 Index Points [+]
Food Inflation 9.37 9.71 39.54 -17.50 percent [+]
Inflation Rate Mom 0.51 0.55 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 6.59 Oct/14 6.75 6821.31 1.65 percent [+]
Canada 2.40 Oct/14 2.00 21.60 -17.80 percent [+]
China 1.60 Oct/14 1.60 28.40 -2.20 percent [+]
Euro Area 0.30 Nov/14 0.40 5.00 -0.70 percent [+]
France 0.50 Oct/14 0.30 18.80 -0.70 percent [+]
Germany 0.60 Nov/14 0.80 11.54 -7.62 percent [+]
India 5.52 Oct/14 6.46 11.16 5.52 percent [+]
Indonesia 4.83 Oct/14 4.53 82.40 -1.17 percent [+]
Italy 0.20 Nov/14 0.10 25.64 -2.44 percent [+]
Japan 2.90 Oct/14 3.20 25.00 -2.52 percent [+]
Mexico 4.30 Oct/14 4.22 179.73 2.91 percent [+]
Netherlands 1.10 Oct/14 0.90 11.19 -1.30 percent [+]
Russia 8.30 Oct/14 8.00 2333.30 3.60 percent [+]
South Korea 1.20 Oct/14 1.10 32.50 0.20 percent [+]
Spain -0.40 Nov/14 -0.10 28.43 -1.37 percent [+]
Switzerland 0.00 Oct/14 -0.10 11.92 -1.37 percent [+]
Turkey 8.96 Oct/14 8.86 138.71 -4.01 percent [+]
United Kingdom 1.30 Oct/14 1.20 8.50 0.50 percent [+]
United States 1.70 Oct/14 1.70 23.70 -15.80 percent [+]