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Data source: National Bureau of Statistics

Summary of Inflation in Nigeria

The Nigeria’s Consumer price Index (CPI) which measures inflation increased by 11.02% (year-on-year) in August 2019. This is 0.06% points lower than the rate recorded in July 2019 (11.08 %).

The composite food index rose by 13.17% in August 2019 compared to 13.39% in July 2019. This rise in the food index was caused by increases in prices of Oils and fats, Meat, Bread and cereals, Potatoes, yam and other tubers, and Fish.

Given the continuous stability in the exchange rates, the ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.68% in August 2019, down by 0.12% when compared with 8.80% recorded in July 2019.

The CPI takes into account the average change over time in prices of goods and services consumed by people for day-to-day living.

2019 Nairametrics