Nigeria's annual inflation rate jumped for a 19th straight month to 18.17% in March of 2021, the highest since January of 2017, amid the continued impact of the coronavirus epidemic that has also induced a slump in oil prices and weakened the naira currency. Food inflation hit a nearly 16-year peak at 22.95%. On a monthly basis, consumer prices were up 1.56%, following a 1.54% increase in the previous month. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.50 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 May of 2021.
Inflation Rate in Nigeria is expected to be 18.60 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 13.00 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 12.00 percent in 2022 and 9.50 percent in 2023, according to our econometric models.