Cost of food in Nigeria increased 13.31 percent year-on-year in September of 2018, after rising 13.16 percent in the previous month. Main upward pressure came from prices of: potatoes, yams and other tubers, vegetables, fruits, meat, milk, cheese and eggs, bread and cereals, and fish. On a monthly basis, food prices were up 1.0 percent compared to a 1.42 percent rise in August. Food Inflation in Nigeria averaged 11.55 percent from 1996 until 2018, reaching an all time high of 39.54 percent in September of 2001 and a record low of -17.50 percent in January of 2000.
Food Inflation in Nigeria is expected to be 11.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Food Inflation in Nigeria to stand at 12.50 in 12 months time. In the long-term, the Nigeria Food Inflation is projected to trend around 8.10 percent in 2020, according to our econometric models.