Nigeria’s annual inflation rate accelerated for the fourth month to 17.71 percent in May of 2022 from 16.82 percent in the previous month and above market expectations of 17.4 percent. It was the steepest inflation rate since last June, driven by prices of food (19.5 percent vs 18.37 percent in April) and non-food products (14.9 percent vs 14.18 percent). 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. Africa's biggest economy has been in double digits inflation since 2016, and national authorities have said persistent inflationary pressures are structural, linked to deficits and not solely to the money supply, and largely imported. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.69 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 July 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.

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Nigeria Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-16 09:40 AM Apr 16.82% 15.92% 16.5%
2022-06-15 11:00 AM May 17.71% 16.82% 17.4% 17.4%
2022-07-15 11:00 AM Jun 17.71% 18%


Related Last Previous Unit Reference
Inflation Rate 17.71 16.82 percent May 2022
Consumer Price Index CPI 447.20 439.40 points May 2022
Core Inflation Rate 14.90 14.18 percent May 2022
Core Consumer Prices 380.30 373.30 points May 2022
Food Inflation 19.50 18.37 percent May 2022
CPI Transportation 389.70 383.70 points May 2022
CPI Housing Utilities 380.70 375.50 points May 2022
Inflation Rate Mom 1.78 1.76 percent May 2022
GDP Deflator 242.39 243.29 points Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
17.71 16.82 47.56 -2.49 1996 - 2022 percent Monthly
2009=100

News Stream
Nigeria Inflation Rate Picks Up to 11-Month High
Nigeria’s annual inflation rate accelerated for the fourth month to 17.71 percent in May of 2022 from 16.82 percent in the previous month and above market expectations of 17.4 percent. It was the steepest inflation rate since last June, driven by prices of food (19.5 percent vs 18.37 percent in April) and non-food products (14.9 percent vs 14.18 percent). 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. Africa's biggest economy has been in double digits inflation since 2016, and national authorities have said persistent inflationary pressures are structural, linked to deficits and not solely to the money supply, and largely imported.
2022-06-15
Nigeria Inflation Rate at 8-Month High
Nigeria’s annual inflation rate accelerated for the third straight month to 16.82% in April of 2022, from 15.92% in March. It was the steepest inflation rate since last August, amid widespread increases across all divisions on the back of surging global commodity prices. Main upward pressure came from prices of food & non-alcoholic beverages (18.37% vs 17.20% in March), by far the most relevant in the CPI basket, in line with prices of imported food (17.66% vs 17.56%). 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. The annual core inflation rate, which excludes the prices of agricultural produce, rose to a five-year high of 14.18% in April of 2022, from 13.91% in the prior month. On a monthly basis, consumer prices advanced by 1.76%, the most since last December.
2022-05-16
Nigeria Inflation Rate at 5-Month High
Nigeria’s annual inflation rate climbed to 15.92% in March of 2022, from 15.70% in the prior month, the fastest rise in consumer prices since last October. Prices of diesel, which is used to power most businesses, has more than doubled, while analysts said the impact of the war in Ukraine could be felt in the coming weeks. Also, a dollar shortage drove import prices higher, prompting the government to implement restrictions to support the currency. Prices rose faster for food & non-alcoholic beverages (17.16% vs 17.07% in February), by far the most relevant in the CPI basket, in line with prices of imported food (17.56% vs 17.11%). Also noteworthy, inflationary pressures were stronger due to prices in housing & utilities (12.32% vs 11.82%). The annual core inflation rate, which excludes the prices of agricultural produce, slowed to 13.91% from a 5-year high of 14.01% in February. On a monthly basis, prices advanced 1.74%, quickening from a 1.63% rise in the prior month.
2022-04-15