Nigeria’s annual inflation rate fell for the seventh straight month to 15.99% in October of 2021, from 16.63% in September. It was the lowest rate since last December, largely due to a sustained moderation in food inflation since April (18.34% vs 19.57% in September) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, also dropped to a four-month low of 13.24% in October, from 13.74% in the prior month. On a monthly basis, consumer prices increased by 0.98%, following a 1.15% rise in the previous month. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.61 percent from 1996 until 2021, 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 2021.

Inflation Rate in Nigeria is expected to be 14.70 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 7.00 percent in 2022 and 6.50 percent in 2023, according to our econometric models.

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Nigeria Inflation Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-10-15 10:45 AM Sep 16.63% 17.01% 16.3%
2021-11-15 11:40 AM Oct 15.99% 16.63% 16.4%
2021-12-15 08:00 AM Nov 15.99% 15.4%


Related Last Previous Unit Reference
Inflation Rate 15.99 16.63 percent Oct/21
Consumer Price Index CPI 399.90 396.00 points Oct/21
Core Inflation Rate 13.24 13.74 percent Oct/21
Core Consumer Prices 347.60 344.80 points Oct/21
Food Inflation 18.34 19.57 percent Oct/21
CPI Transportation 354.20 349.80 points Oct/21
CPI Housing Utilities 348.70 345.40 points Oct/21
Inflation Rate Mom 0.98 1.15 percent Oct/21
GDP Deflator 243.29 234.35 points Sep/21

News Stream
Nigeria September Inflation Rate Eases for 7th Month
Nigeria’s annual inflation rate fell for the seventh straight month to 15.99% in October of 2021, from 16.63% in September. It was the lowest rate since last December, largely due to a sustained moderation in food inflation since April (18.34% vs 19.57% in September) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, also dropped to a four-month low of 13.24% in October, from 13.74% in the prior month. On a monthly basis, consumer prices increased by 0.98%, following a 1.15% rise in the previous month.
2021-11-15
Nigeria September Inflation Rate at 8-Month Low
Nigeria’s annual inflation rate eased for the sixth straight month to 16.63% in September of 2021, down from 17.01% in August. It was the lowest rate since January, largely due to a sustained moderation in food inflation since April (19.57% vs 20.3% in August) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.74% in September from 13.41% in the prior month. On a monthly basis, consumer prices increased by 1.15%, following a 1.02% rise in the previous month.
2021-10-15
Nigeria August Inflation Rate at 7-Month Low
Nigeria’s annual inflation rate eased for a fifth straight month to 17.01% in August of 2021, from 17.38% in July. It was the lowest inflation rate since January, mainly driven by another slowdown in food prices (20.3% vs 21.03% in July) and despite the naira's ongoing devaluation. The core inflation, excluding prices of farm produce, also fell to 13.41% in August from 13.72% in July. On a monthly basis, consumer prices increased by 1.02%, after a 0.93% rise in the previous month.
2021-09-15

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.