Nigeria Inflation Rate  1996-2016 | Data | Chart | Calendar | Forecast

Nigeria's consumer prices increased by 18.3 percent year-on-year in October 2016, following a 17.9 percent growth in the previous month and above market expectations of 18.2 percent. It was the highest inflation rate since October 2005, as prices for food continued to rise. Annual core inflation rate went up to 18.1 percent, the highest since January 2007. On a monthly basis, consumer prices went up 0.8 percent. Inflation Rate in Nigeria averaged 12.24 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)
2016-09-16 09:00 AM Aug 17.6% 17.1% 17.9%
2016-10-14 04:00 PM Sep 17.9% 17.6% 17.9% 17.9%
2016-11-14 08:00 AM Oct 18.3% 17.9% 18.17% 18.5%
2016-12-15 09:00 AM Nov 18.3% 18.41% 18.8%
2017-01-18 09:00 AM Dec
2017-02-10 09:00 AM Jan




Nigeria Inflation Rate Rises to 18.3% in October


Nigeria's consumer prices increased by 18.3 percent year-on-year in October 2016, following a 17.9 percent growth in the previous month and above market expectations of 18.2 percent. It was the highest inflation rate since October 2005, as prices for food continued to rise.

Compared to October 2015, cost of food increased by 17.1 percent (from +16.6 percent in September); and prices of imported food climbed 21.2 percent(from 19.2 percent). Additional upward pressure came from: Housing and utilities (+26.9 percent from +26.3 percent in September); clothing and footwear (+17.8 percent from +17.2 percent); transport (+18.2 percent from +18.1 percent); and furnishings and household equipment (+13 percent from +12.4 percent).

Annual core inflation rate went up to 18.1 percent, the highest since January 2007.

On a monthly basis, consumer prices increased 0.8 percent, the same as in September, as prices rose for: Food (+0.8 percent); imported food (+0.9 percent); housing and utilities (+0.7 percent); and clothing and footwear (+1 percent).

National Bureau of Statistics | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/14/2016 11:27:06 AM



Nigeria Prices Last Previous Highest Lowest Unit
Inflation Rate 18.30 17.90 47.56 -2.49 percent [+]
Consumer Price Index CPI 209.70 208.00 209.70 14.36 Index Points [+]
Core Consumer Prices 205.90 204.30 205.90 69.00 Index Points [+]
Core Inflation Rate 18.10 17.70 19.28 0.49 percent [+]
Food Inflation 17.10 16.60 39.54 -17.50 percent [+]
Inflation Rate Mom 0.83 0.81 8.93 -3.50 percent [+]
GDP Deflator 151.12 145.64 151.12 0.60 Index Points [+]
Cpi Transportation 203.40 202.10 203.40 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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
18.30 17.90 47.56 -2.49 1996 - 2016 percent Monthly
2009=100



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Australia 1.30 Sep/16
Austria 1.30 Oct/16
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Bahrain 1.50 Oct/16
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Belize 0.70 Oct/16
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Bolivia 3.88 Nov/16
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Burundi 6.00 Oct/16
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Canada 1.50 Oct/16
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Central African Republic 38.04 Feb/16
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Chile 2.90 Nov/16
China 2.30 Nov/16
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Comoros 1.40 Dec/14
Congo 9.72 Oct/16
Costa Rica 0.56 Nov/16
Croatia -0.50 Oct/16
Cuba 4.50 Dec/16
Cyprus -1.40 Nov/16
Czech Republic 1.50 Nov/16
Denmark 0.30 Oct/16
Djibouti 3.70 Sep/16
Dominican Republic 0.91 Oct/16
East Timor -1.30 Oct/16
Ecuador 1.05 Nov/16
Egypt 19.40 Nov/16
El Salvador -0.82 Nov/16
Equatorial Guinea 3.90 Dec/15
Eritrea 12.50 Dec/15
Estonia 1.00 Nov/16
Ethiopia 7.00 Nov/16
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European Union 0.50 Oct/16
Fiji 4.70 Oct/16
Finland 0.50 Oct/16
France 0.50 Nov/16
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Gambia 7.43 Sep/16
Georgia 0.20 Nov/16
Germany 0.80 Nov/16
Ghana 15.80 Oct/16
Greece -0.90 Nov/16
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Guinea 8.50 Sep/16
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Honduras 3.04 Nov/16
Hong Kong 1.20 Oct/16
Hungary 1.10 Nov/16
Iceland 2.10 Nov/16
India 4.20 Oct/16
Indonesia 3.58 Nov/16
Iran 9.30 Oct/16
Iraq 0.30 Sep/16
Ireland -0.10 Nov/16
Israel -0.30 Oct/16
Italy 0.10 Nov/16
Ivory Coast 0.60 Oct/16
Jamaica 1.80 Oct/16
Japan 0.10 Oct/16
Jordan -0.50 Oct/16
Kazakhstan 8.70 Nov/16
Kenya 6.68 Nov/16
Kosovo 0.90 Oct/16
Kuwait 3.62 Oct/16
Kyrgyzstan -0.20 Oct/16
Laos 1.84 Sep/16
Latvia 1.30 Nov/16
Lebanon 1.13 Oct/16
Lesotho 5.70 Oct/16
Liberia 8.44 Jun/16
Libya 27.40 Jun/16
Liechtenstein -0.30 Nov/16
Lithuania 1.00 Nov/16
Luxembourg 0.54 Nov/16
Macau 1.33 Oct/16
Macedonia -0.20 Nov/16
Madagascar 6.70 Sep/16
Malawi 20.10 Oct/16
Malaysia 1.40 Oct/16
Maldives 0.40 Sep/16
Mali -3.50 Aug/16
Malta 0.50 Oct/16
Mauritania 2.60 Oct/16
Mauritius 2.20 Nov/16
Mexico 3.31 Nov/16
Moldova 2.60 Nov/16
Mongolia -0.10 Oct/16
Montenegro 0.20 Oct/16
Morocco 1.60 Oct/16
Mozambique 25.53 Oct/16
Myanmar 10.67 Mar/16
Namibia 7.30 Oct/16
Nepal 6.70 Oct/16
Netherlands 0.60 Nov/16
New Caledonia -0.20 Oct/16
New Zealand 0.40 Sep/16
Nicaragua 3.30 Nov/16
Niger -0.60 Oct/16
Nigeria 18.30 Oct/16
North Korea 55.00 Jul/13
Norway 3.50 Nov/16
Oman 2.04 Oct/16
Pakistan 3.81 Nov/16
Palestine -1.67 Oct/16
Panama 1.40 Oct/16
Papua New Guinea 6.80 Jun/16
Paraguay 4.20 Nov/16
Peru 3.35 Nov/16
Philippines 2.50 Nov/16
Poland 0.00 Nov/16
Portugal 0.90 Oct/16
Puerto Rico -0.40 Oct/16
Qatar 2.20 Oct/16
Republic of the Congo 3.70 Apr/15
Romania -0.40 Oct/16
Russia 5.80 Nov/16
Rwanda 9.10 Nov/16
Sao Tome and Principe 5.80 Oct/16
Saudi Arabia 2.60 Oct/16
Senegal -0.30 Oct/16
Serbia 1.50 Oct/16
Seychelles -0.40 Nov/16
Sierra Leone 8.77 Mar/16
Singapore -0.10 Oct/16
Slovakia -0.30 Oct/16
Slovenia 0.60 Nov/16
Somalia -4.00 Dec/14
South Africa 6.40 Oct/16
South Korea 1.30 Nov/16
South Sudan 835.70 Oct/16
Spain 0.70 Nov/16
Sri Lanka 3.40 Nov/16
Sudan 19.60 Oct/16
Suriname 77.10 Sep/16
Swaziland 8.30 Sep/16
Sweden 1.20 Oct/16
Switzerland -0.30 Nov/16
Syria 44.50 May/16
Taiwan 1.97 Nov/16
Tajikistan 6.10 Oct/16
Tanzania 4.80 Nov/16
Thailand 0.60 Nov/16
Togo -1.10 Oct/16
Trinidad and Tobago 3.00 Sep/16
Tunisia 4.00 Nov/16
Turkey 7.00 Nov/16
Turkmenistan 7.00 Dec/15
Uganda 4.60 Nov/16
Ukraine 12.10 Nov/16
United Arab Emirates 1.90 Oct/16
United Kingdom 0.90 Oct/16
United States 1.60 Oct/16
Uruguay 8.10 Nov/16
Uzbekistan 5.60 Dec/15
Venezuela 180.90 Dec/15
Vietnam 4.52 Nov/16
Yemen 9.49 Nov/14
Zambia 8.80 Nov/16
Zimbabwe -0.95 Oct/16