Nigeria Inflation Rate

The inflation rate in Nigeria was recorded at 7.80 percent in March of 2014. Inflation Rate in Nigeria is reported by the National Bureau of Statistics, Nigeria. Inflation Rate in Nigeria averaged 10.33 Percent from 2006 until 2014, reaching an all time high of 15.60 Percent in February of 2010 and a record low of 3 Percent in July of 2006. 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. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
7.80 7.70 15.60 3.00 6.83 | 2014/06 2006 - 2014 Percent Monthly
2009=100

TO

Nigeria Inflation Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-11-13 07:40 PM Nigeria
Inflation Rate YoY
Oct 2013 7.8% 8.0% 7.26%
2013-12-15 07:00 PM Nigeria
Inflation Rate YoY
Nov 2013 7.9% 7.8% 7.79%
2014-03-17 12:00 PM Nigeria
Inflation Rate YoY
Feb 2014 7.7% 8% 6.86%
2014-04-15 08:15 AM Nigeria
Inflation Rate YoY
Mar 2014 7.8% 7.7% 7.4%
2014-05-15 02:00 PM Nigeria
Inflation Rate YoY
Apr 2014 7.8% 7.37%
2014-06-16 02:00 PM Nigeria
Inflation Rate YoY
May 2014 7.08%
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Prices Last Previous Highest Lowest Forecast Unit
Consumer Price Index (cpi) 155.20 2014-03-15 154.00 155.20 54.00 156.20 2014-04-30 Index Points [+]
Inflation Rate 7.80 2014-03-31 7.70 15.60 3.00 6.83 2014-06-30 Percent [+]
[+]


Nigerian Inflation Rate Edges Up Slightly in March

The annual consumer prices in Nigeria accelerated to 7.8 percent in March of 2014, from 7.7 percent recorded in February, as food cost edged up. Compared with the same period a year earlier, the inflation rate slowed down from 8.6 in March of 2013.

Upward pressures came mostly from food prices (+9.3 percent yoy compared with 9.2 percent in February of 2014), due to higher cost of bread and cereals, fish, dairy, oils, fats, and fruits. On the other hand, prices decelerated for meats, vegetables, potatoes, yams and other tubers. 

Also, prices accelerated for housing, water, electricity, gas and other fuel (5.3 percent yoy from 5.2 percent), furnishings and household equipment maintenance (7.0 percent from 6.7 percent) and transport (6.7 percent from 6.4 percent), while education cost slowed (6.3 percent from 6.5 percent).

Prices remained unchanged for clothing and footwear (7.1 percent), alcoholic beverage, tobacco and kola (6.2 percent), and health (7.0 percent).

Urban prices increased at a faster rate in March (7.9 percent yoy, from 7.8 percent) while rural prices decelerated (7.6 percent from 7.7 percent).

On a monthly basis, the inflation rate accelerated in March to 0.78 percent, up from 0.46 percent recorded in the previous month. Higher costs were recorded for alcoholic beverages, tobacco and kola (0.5 percent month-over-month from 0.4 percent in February of 2014), housing, water, electricity gas and other fuel (0.6 percent from 0.4 percent), furnishings and household equipment (0.7 percent from 0.3 percent), health (0.6 percent from 0.5 percent), transport (0.7 percent from 0.4 percent), and education (0.5 percent from 0.3 percent).

National Bureau of Statistics | Isabel Felino | isabel.felino@tradingeconomics.com
4/15/2014 11:49:29 AM

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Inflation Rate | Notes
The data given on this page shows an annual change in the Consumer Price Index. The CPI measures changes in the price level of consumer goods and services purchased by households. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and services and averaging them. The items weight according to their importance. Depending on the country, the highest weights are usually given to the food, energy, housing, clothing, medical care, transportation and household equipment.


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