Nigeria’s annual inflation rate increased to 11.23 percent in August of 2018 from 11.14 percent in July and above market expectations of 11.11 percent.
It was the first rise in inflation rate after being declining since January 2017, when it reached a 12 year high of 18.7 percent. Inflation Rate in Nigeria averaged 12.49 percent from 1996 until 2018, 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.
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 September of 2018.