Nigeria Inflation Rate

The inflation rate in Nigeria was recorded at 8.20 percent in June of 2014. Inflation Rate in Nigeria averaged 12.40 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
8.20 8.00 47.56 -2.49 1996 - 2014 Percent Monthly
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 Accelerates in June

Nigeria annual inflation rate accelerated for the fourth straight month to 8.2 percent in June of 2014 from 8 percent in May, due to higher food prices.

Food prices rose 9.8 percent year-on-year in June, up from 9.7 percent in May, driven by cost of bread, cereals, meats, fish, and dairy groups. In contrast, downward pressures came from oils and fats, fruit and vegetables. 

From May to June, consumer prices rose 0.77 percent following a 0.78 percent increase in the previous period. Food prices increased 0.8 percent, the same rate recorded in the previous two months. The highest price increases were recorded for potatoes, yams, bread and cereals, meat and fish. 

Core inflation rate accelerated to 8.1 percent in June from 7.6 percent in the previous month.

National Bureau of Statistics | Joana Taborda |
7/16/2014 5:22:46 PM

Recent Releases

Nigeria Inflation Rate Edges Up Slightly in May
Nigeria annual inflation rate accelerated slightly for the third straight month to 8.0 percent in May of 2014 from 7.9 percent in the previous month, as a result of higher food prices. Published on 2014-06-16

Nigeria Inflation Rate Up to 7.9% in April
Nigerian annual consumer price inflation edged up to 7.9 percent in April from 7.8 percent in March as food prices rose. Published on 2014-05-14

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-15 08:15 AM Nigeria
Inflation Rate YoY
Mar 2014 7.8% 7.7% 7.4%
2014-05-14 08:30 PM Nigeria
Inflation Rate YoY
Apr 2014 7.9% 7.8% 7.37%
2014-06-16 11:00 AM Nigeria
Inflation Rate YoY
May 2014 8.0% 7.9% 7.08%
2014-07-16 01:00 PM Nigeria
Inflation Rate YoY
Jun 2014 8.2% 8.0% 8.09%
2014-08-18 02:00 PM Nigeria
Inflation Rate YoY
Jul 2014 8.2% 7.04%

Prices Last Previous Highest Lowest Unit
Core Inflation Rate 8.17 7.64 19.28 0.49 Percent [+]
Inflation Rate 8.20 8.00 47.56 -2.49 Percent [+]
Consumer Price Index (cpi) 158.60 157.40 158.60 54.00 Index Points [+]
Core Consumer Prices 157.40 156.30 157.40 69.00 Index Points [+]
Food Inflation 9.76 9.70 39.54 -17.50 Percent [+]

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