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.