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.


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Nigeria Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
11.98 11.85 47.56 -2.49 1996 - 2019 percent Monthly
2009=100


Calendar GMT Actual Previous Consensus TEForecast
2019-10-15 10:00 AM Sep 11.24% 11.02% 11%
2019-11-18 08:00 AM Oct 11.61% 11.24% 11.3%
2019-12-17 08:00 AM Nov 11.85% 11.61% 11.64%
2020-01-17 08:00 AM Dec 11.98% 11.85% 12.10%
2020-02-17 08:00 AM Jan 11.98% 12%
2020-03-16 08:00 AM Feb 12.70%
2020-04-15 08:00 AM Mar 13.1%
2020-05-15 07:50 AM Apr
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Nigeria December Inflation Rate Rises Further to 11.98%
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.
2020-01-17
Nigeria Inflation Rate at Over 1-1/2-Year High of 11.85%
The annual inflation rate in Nigeria rose to 11.85 percent in November of 2019 from 11.61 percent in the prior month. It was the highest inflation rate since April last year, as food prices continued to surge amid the ongoing country's border closure and the festive season mood.
2019-12-17
Nigeria October Inflation Rate at Near 1-1/2-Year High
Nigeria's annual inflation rate increased to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018. Prices rose mainly for food, due to the ongoing closure of the country's land borders and the impact of unusual heavy rainfall on harvest.
2019-11-18
Nigeria Inflation Rate Rises to 11.2% in September
Nigeria's annual inflation edged up to 11.24 percent in September 2019, its highest level since June, after falling to 3 1/2-year low of 11.02 percent in the previous month. Food prices rose the most in three months after the government partially closed its border with Benin to curb smuggling of rice.
2019-10-15

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.