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

Nigeria's consumer prices increased by 18.55 percent year-on-year in December 2016, following a 18.48 percent rise in the previous month. The inflation rate accelerated for the 11th straight month to the highest since October 2005, as prices continued to rise for housing, electricity and food. Inflation Rate in Nigeria averaged 12.29 percent from 1996 until 2016, 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)
2016-11-14 08:00 AM Oct 18.3% 17.9% 18.17% 18.5%
2016-12-15 08:20 AM Nov 18.48% 18.3% 18.41% 18.8%
2017-01-13 05:45 PM Dec 18.55% 18.48% 18.61%
2017-02-10 09:00 AM Jan 18.55% 18.71%
2017-03-15 09:00 AM Feb 18.78%
2017-04-12 09:00 AM Mar 18.84%




Nigeria Inflation Rate Highest Since October 2005


Nigeria's consumer prices increased by 18.55 percent year-on-year in December 2016, following a 18.48 percent rise in the previous month. The inflation rate accelerated for the 11th straight month to the highest since October 2005, as prices continued to rise for housing, electricity and food.

Compared to December 2015, cost of food increased by 17.4 percent from a 17.2 percent rise in November (mainly due to bread and cereals; oil and fats and fish and meat) while prices of imported food increased slightly less (+21.1 percent from +22.2 percent). Additional upward pressure came from: housing and utilities (+27.2 percent from +27.2 percent in November); clothing and footwear (+17.8 percent from +18.2 percent); furnishings and household equipment (+13.6 percent from +13.5 percent) and transport (+17.3 percent from +17.7 percent).

Annual core inflation rate advanced to 16.77 percent from 14.54 percent in the previous month.

On a monthly basis, consumer prices went up 1.08 percent compared with a 0.8 percent rise in the previous month, as cost went up for: food (+1.3 percent); imported food (+1 percent); housing and utilities (+0.5 percent); and clothing and footwear (+1 percent).

National Bureau of Statistics | Deborah Neves | deborah.neves@tradingeconomics.com
1/13/2017 6:48:31 PM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 18.55 18.48 47.56 -2.49 percent [+]
Consumer Price Index CPI 213.60 211.30 213.60 14.36 Index Points [+]
Core Consumer Prices 208.60 207.30 208.60 69.00 Index Points [+]
Core Inflation Rate 16.77 14.54 19.28 0.49 percent [+]
Food Inflation 17.40 17.20 39.54 -17.50 percent [+]
Inflation Rate Mom 0.78 0.83 8.93 -3.50 percent [+]
GDP Deflator 151.12 145.64 151.12 0.60 Index Points [+]
Cpi Transportation 206.50 204.70 206.50 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 January of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
18.55 18.48 47.56 -2.49 1996 - 2016 percent Monthly
2009=100



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Philippines 2.60 Dec/16
Poland 0.80 Dec/16
Portugal 0.90 Dec/16
Puerto Rico 0.00 Nov/16
Qatar 1.80 Dec/16
Republic of the Congo 3.70 Apr/15
Romania -0.54 Dec/16
Russia 5.40 Dec/16
Rwanda 11.00 Dec/16
Sao Tome and Principe 6.20 Nov/16
Saudi Arabia 2.30 Nov/16
Senegal 2.10 Dec/16
Serbia 1.60 Dec/16
Seychelles -0.20 Dec/16
Sierra Leone 15.26 Nov/16
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