Nigeria's food inflation picked up to 13.56 percent in December 2018 from 13.30 percent in the previous month, reaching the highest level since March. Among food items, main increases were recorded in prices of soft drinks, fish, bread and cereals, oils and fats, coffee, tea and cocoa, meat, milk, cheese and eggs, vegetables, potatoes, yam and other tubers. On month-on-month basis, the food sub-index increased by 0.81 percent in December 2018, compared to a 0.90 percent gain in the prior month. Food Inflation in Nigeria averaged 11.57 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 13.50 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 9.40 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.