Nigeria's annual inflation rate rose for a ninth straight month to 12.40% in May of 2020 from 12.34% in the prior month. It was the highest rate since April of 2018, due to the lingering effects of the global pandemic. Food inflation hit an over two-year high of 15.04%, amid supply chain disruptions caused by lockdown restrictions. Prices also increased sharply for health (10.66% vs 10.27%), especially felt in urban areas (11.29%) which concentrate the bulk of Covid-19 cases. Other significant upward pressure came from the costs of transport (10.09% vs 9.78%); clothing & footwear (10.39% vs 10.33%) and miscellaneous goods & services (10.03% vs 9.84%). On a monthly basis, consumer prices inched up 1.17%, the most since June 2018, after increasing 1.02% in the previous month. Annual core inflation, which excludes farm produce, hit 10.12% in May, the highest since July 2018.

Inflation Rate in Nigeria averaged 12.42 percent from 1996 until 2020, 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 July of 2020. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria is expected to be 13.50 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 12.50 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 12.50 percent in 2021 and 12.30 percent in 2022, according to our econometric models.

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Nigeria Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
12.40 12.34 47.56 -2.49 1996 - 2020 percent Monthly
2009=100


Calendar GMT Actual Previous Consensus TEForecast
2020-03-17 07:30 AM Feb 12.2% 12.13% 12.50%
2020-04-21 07:30 AM Mar 12.26% 12.2% 12.5%
2020-05-21 01:00 PM Apr 12.34% 12.26% 12.9%
2020-06-17 08:00 AM May 12.4% 12.34% 12.45%
2020-07-15 11:00 AM Jun 12.4% 12.5%
2020-08-17 07:40 AM Jul
2020-09-15 07:30 AM Aug
2020-10-15 10:00 AM Sep 13.5%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Nigeria Inflation Rate at Over 2-Year High of 12.40%
Nigeria's annual inflation rate rose for a ninth straight month to 12.40% in May of 2020 from 12.34% in the prior month. It was the highest rate since April of 2018, due to the lingering effects of the global pandemic. Food inflation hit an over two-year high of 15.04%, amid supply chain disruptions caused by lockdown restrictions. Prices also increased sharply for health (10.66% vs 10.27%), especially felt in urban areas (11.29%) which concentrate the bulk of Covid-19 cases. Other significant upward pressure came from the costs of transport (10.09% vs 9.78%); clothing & footwear (10.39% vs 10.33%) and miscellaneous goods & services (10.03% vs 9.84%). On a monthly basis, consumer prices inched up 1.17%, the most since June 2018, after increasing 1.02% in the previous month. Annual core inflation, which excludes farm produce, hit 10.12% in May, the highest since July 2018.
2020-06-17
Nigeria Inflation Rate Hits 2-Year High
Nigeria's annual inflation rate rose to 12.34 percent in April 2020, the highest since April 2018, from 12.26 percent in the previous month. Food prices rose 15.03 percent, the most since March 2018, amid the coronavirus crisis. Additional upward pressure came from clothing and footwear (10.33 percent vs 10.21 percent), transport (9.78 percent vs 9.49 percent), furnishings and household equipment maintenance (9.64 percent vs 9.50 percent) and education (9.16 percent vs 9.02 percent). In addition, housing and utilities inflation remained unchanged at 7.76 percent. Annual core inflation, which excludes farm produce, hit 9.98 percent in April, the highest since August 2018.
2020-05-21
Nigeria March Inflation Rate Nears 2-Year High of 12.26%
The annual inflation rate in Nigeria rose for the seventh straight month to 12.26% in March of 2020 from 12.20% in the previous month. It was the highest inflation rate since April of 2018, largely driven by the effects of the border closure and the new VAT tax rate. Main upward pressure came from food prices (14.98% vs 14.90% in February). Inflation also remained elevated for clothing & footwear (10.21% vs 10.14%); miscellaneous goods & services (9.62% vs 9.45%); health (9.99% vs 9.94%); housing & utilities (7.76% vs 7.81%); restaurants & hotels (8.84% vs 8.66%); transport (9.49% vs 9.43%); alcoholic beverages, tobacco & Kola (9.91% vs 9.85%) and furnishings (9.50% vs 9.39%). On a monthly basis, consumer prices inched up 0.84%, after increasing 0.79% in the previous month. The statistical office noted that the current lockdown in Abuja, Lagos and Ogun states to contain the Covid-19 pandemic started in April 2020 and, accordingly, does not reflect major impact on March figures.
2020-04-21
Nigeria February Inflation Rate at Near 2-Year High of 12.2%
The annual inflation rate in Nigeria rose for the sixth straight month to 12.2% in February of 2020 from 12.1% in the previous month. The rate was the highest since April of 2018, amid the continued impact of borders closure and also the recent hike in VAT tax rate to 7.5%. Food inflation increased further to 14.9% from 14.85% in January, reaching the highest level since March of 2018. Additional upward pressure came from prices of clothing & footwear (10.14% vs 10.08%); transport (9.43% vs 9.35%); housing & utilities (7.81% vs 7.78%); furnishings (9.39% vs 9.23%); education (8.93% vs 8.87%); alcoholic beverages, tobacco & Kola (9.85% vs 9.81%); communication (8.15% vs 8.06%); recreation & culture (8.46% vs 8.30%); restaurants & hotels (8.66% vs 8.49%) and miscellaneous goods & services (9.45% vs 9.30%). On a monthly basis, consumer prices were up 0.79%, after increasing 0.8% in the previous month.
2020-03-17

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.