Nigeria's annual inflation rate climbed for a 17th straight month to 16.47% in January of 2021. It was the highest inflation rate since April of 2017, as food inflation hit an over 12-year high of 20.57% linked to pandemic disruptions and dollar shortages as well as lingering restrictions on imports of certain food items despite the reopening of the country's borders. At the same time, the incessant attacks on farmers and farmlands have prevented farmers from operating at optimal capacity. President Muhammadu Buhari is already under pressure to curb a decade-long jihadist insurgency in the northeast and growing criminal gang violence in the northwest. On a monthly basis, consumer prices increased 1.49%, the least in four months, slowing from a 1.61% rise in the previous month. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.47 percent from 1996 until 2021, 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.

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Nigeria Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
16.47 15.75 47.56 -2.49 1996 - 2021 percent Monthly
2009=100


Calendar GMT Actual Previous Consensus TEForecast
2020-11-16 10:10 AM Oct 14.23% 13.71% 13.9%
2020-12-15 09:45 AM Nov 14.89% 14.23% 14.6%
2021-01-15 10:00 AM Dec 15.75% 14.89% 15.15% 15.4%
2021-02-16 07:30 AM Jan 16.47% 15.75% 16.60%
2021-03-17 07:30 AM Feb 16.47%
2021-04-21 07:30 AM Mar
2021-05-21 01:00 PM Apr
2021-06-17 08:00 AM May
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Nigeria January Inflation Rate at Near 4-Year High
Nigeria's annual inflation rate climbed for a 17th straight month to 16.47% in January of 2021. It was the highest inflation rate since April of 2017, as food inflation hit an over 12-year high of 20.57% linked to pandemic disruptions and dollar shortages as well as lingering restrictions on imports of certain food items despite the reopening of the country's borders. At the same time, the incessant attacks on farmers and farmlands have prevented farmers from operating at optimal capacity. President Muhammadu Buhari is already under pressure to curb a decade-long jihadist insurgency in the northeast and growing criminal gang violence in the northwest. On a monthly basis, consumer prices increased 1.49%, the least in four months, slowing from a 1.61% rise in the previous month.
2021-02-16
Nigeria December Inflation Rate at Over 3-Year High
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.
2021-01-15
Nigeria November Inflation Rate Soars to Near 3-Year High
Nigeria's annual inflation rate quickened for a 15th straight month to 14.89% in November of 2020 from 14.23% in October. It was the highest inflation rate since January of 2018, as food inflation hit a near three-year high of 18.3%, mainly linked to dollar shortages and surging jihadist attacks in farming areas. On a monthly basis, consumer prices inched up 1.60%, the most since May 2017, after increasing 1.54% in the previous month.
2020-12-15
Nigeria Inflation Rate Quickens for 14th Month
Nigeria's annual inflation rate climbed for a 14th straight month to 14.23 percent in October of 2020 from 13.71 percent in September. It was the highest inflation rate since February of 2018, amid widespread increases in prices due to the adverse effects of ongoing border closures, Covid-19 crisis, violent farm attacks and recent dollar restrictions. Main upward pressure came from food prices (17.38 percent vs 16.66 percent in September). Additional upward pressure came mostly from health (13.08 percent vs 12.58 percent); transport (12.11 percent vs 11.65 percent); clothing & footwear (11.25 percent vs 11.02 percent); alcoholic beverages, tobacco & kola (10.79 percent vs 10.59 percent) and furnishings (10.67 percent vs 10.43 percent). On a monthly basis, consumer prices inched up 1.54 percent, the most since June 2017, after increasing 1.48 percent in the previous month.
2020-11-16

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.