Nigeria - Inflationsrate

The annual inflation rate in Nigeria rose to 11.85 percent in November of 2019 from 11.61 percent in the prior month. It was the highest inflation rate since April last year, as food prices continued to surge amid the ongoing country's border closure and the festive season mood.

Nigeria's annual inflation rate increased to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018. Prices rose mainly for food, due to the ongoing closure of the country's land borders and the impact of unusual heavy rainfall on harvest.

Nigeria's annual inflation edged up to 11.24 percent in September 2019, its highest level since June, after falling to 3 1/2-year low of 11.02 percent in the previous month. Food prices rose the most in three months after the government partially closed its border with Benin to curb smuggling of rice.

Nigeria's annual inflation dropped further to 11.02 percent in August 2019 from 11.08 percent in the prior month. It was the lowest inflation rate since January 2016, despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures. Prices slowed mostly for food amid the ongoing harvest season.

Nigeria's annual inflation rate edged down to 11.08 percent In July 2019 from 11.22 percent in the previous month. It was the lowest inflation rate since July 2018, amid a generalized slowdown in prices, especially for food.

Nigeria's consumer price inflation fell to 11.22 percent year-on-year in June 2019 from 11.40 percent in the previous month. That was the lowest inflation rate since July 2018, as prices rose at a softer pace for almost all categories. Annual core inflation, which excludes price of volatile agricultural products, fell to 8.84 percent in June, its lowest level since January 2016. On a monthly basis, consumer prices were up 1.07 percent, little-changed from a 1.11 percent increase in May.