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.