Nigeria Inflation Rate 1996-2015 | Data | Chart | Calendar | Forecast

The inflation rate in Nigeria was recorded at 8.40 percent in February of 2015. Inflation Rate in Nigeria averaged 12.25 percent from 1996 until 2015, 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
8.40 8.20 47.56 -2.49 1996 - 2015 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 Thursday, April 2, 2015.


Nigeria Inflation Rate at 6-Month High


Nigeria annual inflation rate continued to grow to 8.4 percent in February of 2015 from 8.2 percent in the previous month, as a falling naira keep pushing imported food prices up.

Imported food prices surged 8.8 percent, the highest increase since February of 2013. Yet, the naira lost more than 20 percent to the USD from November to February as declining oil prices and political tensions hurt investor’s confidence. As a result, food cost rose to 9.4 percent, after remaining at 9.2 percent in the previous two months.

Additional upward pressures came from: housing, water, electricity and gas (6.5 percent); clothing and footwear (8.2 percent); transport prices (7.1 percent); furnishings and household equipment (8.6 percent); education (7.4 percent); health (7.5 percent); miscellaneous goods and services (7.8 percent); hotels, cafés and restaurants (8.6 percent); alcoholic beverages, tobacco and kola (7.9 percent); communications (3.7 percent) and recreational and culture (7 percent).

On a monthly basis, the consumer price index increased by 0.7 percent, easing from a 0.8 percent rise in the previous month. As food prices advanced at a slower 0.7 percent (0.9 percent in January).

Joana Ferreira | joana.ferreira@tradingeconomics.com
3/17/2015 1:42:43 PM


Recent Releases

Nigeria Inflation Rate Highest in 4-Months
Nigeria annual inflation rate accelerated slightly to 8.2 percent in January of 2015 from 8 percent in the previous month, driven mostly by higher food, housing and utilities prices. Published on 2015-02-16

Nigeria Inflation Rate Rises Sightly in December
Nigeria annual inflation edged up to 8 percent in December of 2014 from 7.9 percent in the previous month, as food prices increased for the first time in four months. Published on 2015-01-20


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-01-13 01:20 PM
Inflation Rate YoY  Dec
8% 7.9% 8.12% 8.3%
2015-02-16 11:00 AM
Inflation Rate YoY  Jan
8.2% 8% 8.3%
2015-03-17 09:00 AM
Inflation Rate YoY  Feb
8.4% 8.2% 8.55% 8.4%
2015-04-15 08:15 AM
Inflation Rate YoY  Mar
8.4% 8.7%
2015-05-14 08:30 PM
Inflation Rate YoY  Apr
8.44%
2015-06-16 11:00 AM
Inflation Rate YoY  May
8.29%


Nigeria Prices Last Previous Highest Lowest Unit
Core Inflation Rate 6.20 6.26 19.28 0.49 percent [+]
Inflation Rate 8.40 8.20 47.56 -2.49 percent [+]
Consumer Price Index CPI 166.90 165.80 166.90 14.36 Index Points [+]
Core Consumer Prices 164.80 163.70 164.80 69.00 Index Points [+]
Food Inflation 9.33 9.20 39.54 -17.50 percent [+]
Inflation Rate Mom 0.70 0.81 8.93 -3.50 percent [+]


Inflation Rate Reference Previous Highest Lowest Unit
Australia 1.70 Nov/14 2.30 23.90 -1.30 percent [+]
Brazil 7.70 Feb/15 7.14 6821.31 1.65 percent [+]
Canada 1.00 Feb/15 1.00 21.60 -17.80 percent [+]
China 1.40 Feb/15 0.80 28.40 -2.20 percent [+]
Euro Area -0.10 Mar/15 -0.30 5.00 -0.70 percent [+]
France -0.30 Feb/15 -0.40 18.80 -0.70 percent [+]
Germany 0.30 Mar/15 0.09 11.54 -7.62 percent [+]
India 5.37 Feb/15 5.19 11.16 4.38 percent [+]
Indonesia 6.38 Mar/15 6.29 82.40 -1.17 percent [+]
Italy -0.09 Mar/15 -0.09 25.64 -0.60 percent [+]
Japan 2.20 Feb/15 2.40 25.00 -2.52 percent [+]
Mexico 3.00 Feb/15 3.07 179.73 2.91 percent [+]
Netherlands 0.14 Feb/15 0.00 11.19 -1.30 percent [+]
Russia 16.70 Feb/15 15.00 2333.30 3.60 percent [+]
South Korea 0.40 Mar/15 0.50 32.50 0.20 percent [+]
Spain -0.70 Mar/15 -1.10 28.43 -1.37 percent [+]
Switzerland -0.80 Feb/15 -0.50 11.92 -1.37 percent [+]
Turkey 7.55 Feb/15 7.24 138.71 -4.01 percent [+]
United Kingdom 0.00 Feb/15 0.30 8.50 0.00 percent [+]
United States 0.00 Feb/15 -0.10 23.70 -15.80 percent [+]