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.

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Nigeria Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
18.17 17.33 47.56 -2.49 1996 - 2021 percent Monthly
2009=100


Calendar GMT Actual Previous Consensus TEForecast
2021-01-15 10:00 AM Dec 15.75% 14.89% 15.15% 15.4%
2021-02-16 07:30 AM Jan 16.47% 15.75% 16.60%
2021-03-16 07:30 AM Feb 17.33% 16.47% 17.27% 17.7%
2021-04-15 07:30 AM Mar 18.17% 17.33% 17.7%
2021-05-17 08:00 AM Apr 18.17%
2021-06-15 08:00 AM May
2021-07-15 07:30 AM Jun
2021-08-16 12:00 PM Jul


News Stream
Nigeria March Inflation Rate at Over 4-Year High
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.
2021-04-15
Nigeria Inflation Rate at 4-Year High
Nigeria inflation rate jumped to 17.33 percent in February of 2021, the highest reading since February of 2017, from 16.47 in January and compared to market forecasts of 17.27 percent. It marks the 18th consecutive month of rising inflation as the coronavirus crisis led to a plunge in oil prices and a weaker naira, raising food and transportation costs. Food inflation topped 21.79 percent, the highest since October of 2005 and transportation surged 14.1 percent, namely air transport. The finance minister said late in February the country plans to cut import duty on tractors and mass transit vehicles to cut transportation costs and reduce food prices.
2021-03-16
Nigeria January Inflation Rate at Near 4-Year High
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.
2021-02-16
Nigeria December Inflation Rate at Over 3-Year High
Nigeria's annual inflation rate soared for a 16th straight month to 15.75 percent in December of 2020. It was the highest inflation rate since November of 2017, on spiralling food prices (19.56 percent vs 18.3 percent), despite President Muhammadu Buhari’s recent order to reopen the country’s borders to trade. The acceleration in inflation continued to be attributed to dollar shortages and surging jihadist attacks in farming areas as well as lingering disruptions from the COVID-19 pandemic. On a monthly basis, consumer prices inched up 1.61 percent, the most since May 2017, little-changed from a 1.60 percent increase in the prior month.
2021-01-15

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.