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.