Nigeria's annual inflation rate climbed for a 14th straight month to 14.23 percent in October of 2020 from 13.71 percent in September. It was the highest inflation rate since February of 2018, amid widespread increases in prices due to the adverse effects of ongoing border closures, Covid-19 crisis, violent farm attacks and recent dollar restrictions. Main upward pressure came from food prices (17.38 percent vs 16.66 percent in September). Additional upward pressure came mostly from health (13.08 percent vs 12.58 percent); transport (12.11 percent vs 11.65 percent); clothing & footwear (11.25 percent vs 11.02 percent); alcoholic beverages, tobacco & kola (10.79 percent vs 10.59 percent) and furnishings (10.67 percent vs 10.43 percent). On a monthly basis, consumer prices inched up 1.54 percent, the most since June 2017, after increasing 1.48 percent in the previous month. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.44 percent from 1996 until 2020, 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 2020.
Inflation Rate in Nigeria is expected to be 14.20 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 13.30 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 13.50 percent in 2021 and 12.70 percent in 2022, according to our econometric models.