The annual inflation rate in Nigeria accelerated for the ninth straight month to 21.09% in October of 2022 from 20.77% in the prior month. It was the highest reading since September of 2005, even after a recent 150 bps rate hike by the central bank, largely due to a weaker currency that raised the costs of imported products. Food inflation climbed for the eighth straight month to 23.72%, the highest since October of 2005, amid supply disruptions caused by widespread flooding and higher import costs. Prices of imported food climbed 18.1 percent from a year earlier. Upward pressure also came from non-food products, namely housing & utilities (16.8% vs 16.4%); transport (19% vs 18.7%); furniture & household equipment (16.9% vs 16.8%); education (17.3% vs 16.9%); health (17.4% vs 16.9%); miscellaneous goods & services (17.7% vs 17.2%); and restaurant & hotels (16.5% vs 16.3%). On a monthly basis, consumer prices increased by 1.24%, after rising by 1.36% in the previous month. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.80 percent from 1996 until 2022, 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 December of 2022.

Inflation Rate in Nigeria is expected to be 22.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Inflation Rate is projected to trend around 15.00 percent in 2023 and 12.00 percent in 2024, according to our econometric models.

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Nigeria Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-10-17 11:00 AM Sep 20.77% 20.52% 21.6%
2022-11-15 11:00 AM Oct 21.09% 20.77% 21.3%
2022-12-15 11:00 AM Nov 21.09% 21.7%


Related Last Previous Unit Reference
Inflation Rate 21.09 20.77 percent Oct 2022
Consumer Price Index CPI 484.20 478.20 points Oct 2022
Core Inflation Rate 17.80 17.60 percent Oct 2022
Core Consumer Prices 409.30 405.50 points Oct 2022
Food Inflation 23.72 23.34 percent Oct 2022
CPI Transportation 421.50 415.40 points Oct 2022
CPI Housing Utilities 407.40 402.20 points Oct 2022
Inflation Rate MoM 1.24 1.36 percent Oct 2022
GDP Deflator 275.61 260.35 points Sep 2022

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 & Non-alcoholic Beverages (52% of the total weight), Housing, Water, Electricity, Gas & Other Fuel (17%), Clothing & Footwear (8%). Transports account for 7% and Furnishings & Household Equipment Maintenance for 5%. Others include: Education (4%); Health (3%); Miscellaneous Goods and Services (2%); Restaurants and Hotels (1%); Alcoholic Beverages, Tobacco & Kola (1%); Recreation & Culture (1%); and Communications (1%).
Actual Previous Highest Lowest Dates Unit Frequency
21.09 20.77 47.56 -2.49 1996 - 2022 percent Monthly
2009=100

News Stream
Nigeria Inflation Rate Highest since 2005
The annual inflation rate in Nigeria accelerated for the ninth straight month to 21.09% in October of 2022 from 20.77% in the prior month. It was the highest reading since September of 2005, even after a recent 150 bps rate hike by the central bank, largely due to a weaker currency that raised the costs of imported products. Food inflation climbed for the eighth straight month to 23.72%, the highest since October of 2005, amid supply disruptions caused by widespread flooding and higher import costs. Prices of imported food climbed 18.1 percent from a year earlier. Upward pressure also came from non-food products, namely housing & utilities (16.8% vs 16.4%); transport (19% vs 18.7%); furniture & household equipment (16.9% vs 16.8%); education (17.3% vs 16.9%); health (17.4% vs 16.9%); miscellaneous goods & services (17.7% vs 17.2%); and restaurant & hotels (16.5% vs 16.3%). On a monthly basis, consumer prices increased by 1.24%, after rising by 1.36% in the previous month.
2022-11-15
Nigeria September Inflation Rate Hits New 17-Year High
The annual inflation rate in Nigeria accelerated for the eighth straight month to 20.77% in September of 2022 from 20.52% in the prior month. It was the highest reading since September of 2005, even after a recent 150 bps rate hike by the central bank, largely due to a weaker currency that raised the costs of imported products. Food inflation climbed for the seventh straight month to 23.34%, the highest since October of 2005, amid supply disruptions caused by widespread flooding and higher import costs. Upward pressure also came from non-food products, namely transportation (18.7% vs 18.2%), of which fuels, miscellaneous goods & services (17.2% vs 16.7%) and housing & utilities (16.4% vs 15.9%). The annual core inflation rate, which excludes costs of farm produce, rose for the sixth straight month to 17.6% in September, the highest since January of 2017. On a monthly basis, consumer prices increased by 1.36%, the least in ten months, after rising by 1.77% in the previous month.
2022-10-17
Nigeria Inflation Rate Accelerates More than Expected
The annual inflation rate in Nigeria accelerated to 20.52 percent in August of 2022 from 19.64 percent in the previous month, above market expectations of 20.25 percent and remaining at the highest since September 2005. Food inflation quickened to 23.12 percent from 22.02 percent in July amidst higher prices for staples including rice and bread. Also, a weakening naira continued to pressure cost of imports up. On a monthly basis, consumer prices rose 1.77 percent, following a 1.82 percent increase in July.
2022-09-15