Food prices in Nigeria surged 15.04% year-on-year in May of 2020, the most since March 2018, following a 15.03% rise in the prior month, due to the lingering effects of the pandemic crisis. Main increases were observed in prices of bread & cereals, potatoes, yam and other tubers, oils and fats, fruits, fish and meat.
On a monthly basis, food prices went up 1.42%, quickening from a 1.18% rise in the prior month.
Food Inflation in Nigeria averaged 11.71 percent from 1996 until 2020, reaching an all time high of 39.54 percent in September of 2001 and a record low of -17.50 percent in January of 2000. This page provides - Nigeria Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Food Inflation - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Food Inflation in Nigeria is expected to be 15.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Food Inflation in Nigeria to stand at 16.20 in 12 months time. In the long-term, the Nigeria Food Inflation is projected to trend around 15.80 percent in 2021 and 13.50 percent in 2022, according to our econometric models.