Nigeria Inflation Rate slowed for the second straight month, due to food and non-food prices, namely housing and utilities, clothing and footwear and transport. Nigeria’s consumer prices increased 17.26 percent year-on-year in March of 2017, easing from a 17.78 percent rise in the previous month.
Compared to March of 2016, prices went up at a slower pace for food (17.26 percent vs 17.78 percent in February), including soft drinks, fruits, coffee, tea and cocoa.
Meanwhile, biggest increases were recorded for bread, cereals, meat, fish, potatoes, yams and other tubers and wine. In addition, cost slowed for housing and utilities (18.85 percent vs 20.44 percent); clothing and footwear (16.65 percent vs 17.39 percent); transport (15.43 percent vs 16.75 percent); furniture and household equipment (12.47 percent vs 13.27 percent); education (18.56 percent vs 19.12 percent), health (10.3 percent vs 10.5 percent) and miscellaneous goods and services (11.52 percent vs 11.86 percent).
Meanwhile, cost rose faster for recreation and culture (10.30 percent vs 9.99 percent) and restaurants and hotels (8.55 percent vs 8.18 percent).
Annual core inflation rate edged down to 15.44 percent from 16.01 percent in the previous month.
On a monthly basis, consumer prices went up 1.72 percent compared to a 1.49 percent rise in the previous month, as cost increased for: food (2.21 percent vs 1.99 percent); housing and utilities (1.08 percent vs 1.02 percent); clothing and footwear (1.54 percent vs 1.04 percent); transport (1.16 percent vs 0.99 percent) and furniture and household equipment (1.29 percent vs 0.93 percent).
Nigeria Inflation Rate
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 April of 2017.