Nigeria’s Historical Monthly Inflation Rate Data (Updated January 2016)

The National Bureau of Statistics reported that Nigeria’s inflation rate for the month of December rose by 18.55% compared to 18.48% recorded in November 2016.

According to the Bureau, increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in December, growing at 5.33 percent and 8.91 percent (year-on-year) respectively.
The Food Index rose by 17.39 percent (year-on-year) in December 2016, up by 0.20 percent points from rate recorded in November (17.19) percent. During the month, all major food subindexes increased, with Soft Drinks recording the slowest pace of increase at 7.66 percent (year on year).


This table contains the rate of inflation for Nigeria from 2003 to 2016 and will be updated every month.

Tip: Click on any of the parameters you do not want to see to decongest chart. 

Nigeria Inflation rates

According to definition of the National Bureau of Statistics, the Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for day-to-day living. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy. The weighting occurs to capture the importance of the selected commodities in the entire index. The production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.

The percentage difference between the CPI of one month in a preceding year over the CPI of the same month in the current year is known as Inflation Rate. Inflation is thus the change in prices of goods and services over a period of time.



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