The annual inflation rate in Nigeria increased to 11.98% in December of 2019 from 11.85% in the prior month, remaining at the highest level since April 2018. Prices of food advanced the most in 20 months (14.67% vs 14.48% in November), amid the country’s ongoing border closures and increased seasonal demand during the Christmas season. Additional upward pressure came from housing & utilities (7.70%, the same pace as in November); clothing & footwear (9.91% vs 9.79%); transport (9.25% vs 9.17%); furnishings (9.14% vs 9.08%); education (8.81% vs 8.74%); health (9.59% vs 9.44%); miscellaneous goods & services (9.14% vs 9%); restaurants & hotels (8.35% vs 8.30%) and alcoholic beverages, tobacco and Kola (9.79% vs 9.82%). On a monthly basis, consumer prices went up 0.85%, the least since March, after increasing 1.02% in the preceding month.
Inflation Rate in Nigeria averaged 12.42 percent from 1996 until 2019, 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. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria is expected to be 13.10 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 11.00 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 11.00 percent in 2021 and 9.00 percent in 2022, according to our econometric models.