Nigeria's annual inflation rate soared for a 16th straight month to 15.75 percent in December of 2020. It was the highest inflation rate since November of 2017, on spiralling food prices (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade. The acceleration in inflation continued to be attributed to dollar shortages and surging jihadist attacks in farming areas as well as lingering disruptions from the COVID-19 pandemic. On a monthly basis, consumer prices inched up 1.61 percent, the most since May 2017, little-changed from a 1.60 percent increase in the prior month. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.46 percent from 1996 until 2020, 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. This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
Inflation Rate in Nigeria is expected to be 14.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Nigeria to stand at 12.00 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 10.00 percent in 2022 and 9.50 percent in 2023, according to our econometric models.