Nigeria Inflation RateAugust 2022 Data - 1996-2021 Historical - September Forecast

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The annual inflation rate in Nigeria accelerated to 20.52 percent in August of 2022 from 19.64
percent in the previous month, above market expectations of 20.25 percent and remaining at the
highest since September 2005. Food inflation quickened to 23.12 percent from 22.02 percent in
July amidst higher prices for staples including rice and bread. Also, a weakening naira continued
to pressure cost of imports up. On a monthly basis, consumer prices rose 1.77 percent, following
a 1.82 percent increase in July. source: National Bureau of Statistics, Nigeria

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 Calendar GMT Reference Actual Previous Consensus TEForecast

2022-08-15 11:00 AM Jul 19.64% 18.6% 19.4%

2022-09-15 12:00 PM Aug 20.52% 19.64% 20.25% 21%

2022-10-17 11:00 AM Sep 20.52% 21.6%

Related Last Previous Unit Reference

Inflation Rate 20.52 19.64 percent Aug 2022

Consumer Price Index CPI 471.80 463.60 points Aug 2022

Core Inflation Rate 17.20 16.26 percent Aug 2022

Core Consumer Prices 399.20 393.00 points Aug 2022

Food Inflation 23.12 22.02 percent Aug 2022

CPI Transportation 409.10 402.40 points Aug 2022

CPI Housing Utilities 397.00 391.60 points Aug 2022

Inflation Rate MoM 1.77 1.82 percent Aug 2022

GDP Deflator 260.35 261.21 points Jun 2022

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.

Actual Previous Highest Lowest Dates Unit Frequency

20.52 19.64 47.56 -2.49 1996 - 2022 percent Monthly 2009=100

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News Stream
Nigeria Inflation Rate Accelerates More than Expected
The annual inflation rate in Nigeria accelerated to 20.52 percent in August of 2022 from
19.64 percent in the previous month, above market expectations of 20.25 percent and
remaining at the highest since September 2005. Food inflation quickened to 23.12 percent
from 22.02 percent in July amidst high... more
2022-09-15
Nigeria Inflation Rate Highest since 2005
Annual inflation rate in Nigeria increased to 19.64% in July of 2022, the highest since
September of 2005, from 18.6% in June, with a weakening naira continuing to pressure cost
of imports up. Food inflation increased to 22%, the highest since May last year, mainly due
to rising cost for bread and c... more
2022-08-15
Nigeria Inflation Rate Rises for 5th Month
Annual inflation rate in Nigeria accelerated for a fifth straight month to 18.6% in June of
2022, the highest rate since January of 2017, and compared to 17.7% in May. Food inflation
surged to 20.6% from 19.5%, mainly due to bread and cereals, potatoes, yam, meat, fish,
oil and fat, and wine. The Fo... more
2022-07-15

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Nigeria

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