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).
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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).