Nigeria’s annual inflation rate accelerated for the third straight month to 16.82% in April of 2022, from 15.92% in the prior month.
It was the steepest inflation rate since last August, driven by prices of food and non-food products. Like most African countries, Nigeria is grappling with rising prices of food, as the continent is still largely dependent on agricultural imports, especially grains. Also, soaring diesel prices and the ongoing dollar shortage contributed to the upward trend in inflation. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.67 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 May of 2022.
Inflation Rate in Nigeria is expected to be 18.00 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 10.00 percent in 2023 and 8.00 percent in 2024, according to our econometric models.