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.

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Nigeria Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
14.23 13.71 47.56 -2.49 1996 - 2020 percent Monthly
2009=100


Calendar GMT Actual Previous Consensus TEForecast
2020-08-17 12:00 PM Jul 12.82% 12.56% 12.7%
2020-09-15 07:30 AM Aug 13.22% 12.82% 12.95%
2020-10-15 07:30 AM Sep 13.71% 13.22% 13.45%
2020-11-16 10:10 AM Oct 14.23% 13.71% 13.9%
2020-12-15 08:00 AM Nov 14.23%
2021-01-18 08:00 AM Dec
2021-02-18 08:00 AM Jan
2021-03-17 07:30 AM Feb


News Stream
Nigeria Inflation Rate Quickens for 14th Month
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.
2020-11-16
Nigeria September Inflation Rate at Over 2-1/2-Year High
Nigeria's annual inflation rate climbed for a 13th straight month to 13.71 percent in September of 2020 from 13.22 percent in the prior month. It was the highest inflation rate since February of 2018, amid widespread increases in prices due to ongoing border closures and the pandemic crisis coupled with lower interest rates. Main upward pressure came from food prices (16.60 percent vs 16 percent in August). Prices also rose significantly for health (12.58 percent vs 12.09 percent); transport (11.65 percent vs 11.21 percent); clothing & footwear (11.02 percent vs 10.80 percent) and miscellaneous goods & services (10.95 percent vs 10.67 percent). On a monthly basis, consumer prices went up 1.48 percent, the most since June of 2017, after rising 1.3 percent in the previous month.
2020-10-15
Nigeria August Inflation Rate Rises to Over 2-Year High of 13.2%
Nigeria's annual inflation rate rose to 13.22 percent in August 2020 from 12.82 percent in the previous month. It was the highest inflation rate since March 2018, as food prices increased to an over two-year high (16 percent vs 15.48 percent in June) amid the coronavirus crisis. Also, cost advanced further for housing & utilities (8.1 percent vs 8 percent); transport (11.2 percent vs 10.8 percent); furnishings & household equipment (10.2 percent vs 10 percent); education (9.6 percent vs 9.5 percent); and health (12.1 percent vs 11.6 percent). On a monthly basis, consumer prices went up 1.3 percent, following a 1.2 percent gain in the prior month.
2020-09-15
Nigeria July Inflation Rate Soars to 12.8%
Nigeria's annual inflation rate surged for an eleventh straight month to 12.82% in July of 2020 from 12.56% in the prior month. It was the highest rate since March of 2018 as food prices jumped 15.48%, the most in over two years, on the back of continued border closures and the lingering effects of coronavirus-induced supply disruptions. On a monthly basis, consumer prices were up 1.24%, following a 1.21% increase in the previous month.
2020-08-17

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.