Inflation Rate in Nigeria increased to 22.04 percent in March from 21.91 percent in February of 2023. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.94 percent from 1996 until 2023, 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 April of 2023.

Inflation Rate in Nigeria is expected to be 17.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Nigeria Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-03-15 11:30 AM Feb 21.91% 21.82% 21.85% 22.3%
2023-04-15 04:00 PM Mar 22.04% 21.91% 24.0%
2023-05-15 11:00 AM Apr


Related Last Unit Reference
Inflation Rate 22.04 percent Mar 2023
Consumer Price Index CPI 517.40 points Feb 2023
Core Inflation Rate 18.84 percent Feb 2023
Core Consumer Prices 434.00 points Feb 2023
Food Inflation 24.45 percent Mar 2023
CPI Transportation 452.20 points Feb 2023
CPI Housing Utilities 431.60 points Feb 2023
Inflation Rate MoM 1.71 percent Feb 2023
GDP Deflator 275.61 points Sep 2022

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 & Non-alcoholic Beverages (52% of the total weight), Housing, Water, Electricity, Gas & Other Fuel (17%), Clothing & Footwear (8%). Transports account for 7% and Furnishings & Household Equipment Maintenance for 5%. Others include: Education (4%); Health (3%); Miscellaneous Goods and Services (2%); Restaurants and Hotels (1%); Alcoholic Beverages, Tobacco & Kola (1%); Recreation & Culture (1%); and Communications (1%).
Actual Previous Highest Lowest Dates Unit Frequency
22.04 21.91 47.56 -2.49 1996 - 2023 percent Monthly
2009=100

News Stream
Nigeria Inflation Rate Quickens More than Expected
The annual inflation rate in Nigeria accelerated for the second month to a near 17-1/2-year high of 21.91% in February 2023, from 21.82% in the prior month and surpassing market expectations of 21.85%. Prices of food, which is the most relevant in the CPI basket, climbed further to 24.35% in February, after jumping by 24.32% in the preceding month, partly due to the scarcity of the redesigned Naira notes and amid persistent food shortages. In recent months, the country faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria. The annual core inflation rate, which excludes farm produce, eased slightly to 18.84% in February from a 16-year high of 19.16% in the prior month. On a monthly basis, consumer prices rose by 1.71%, slowing from a 1.86% increase in the prior month, which was the strongest in almost 16 years.
2023-03-15
Nigeria Inflation Rate Unexpectedly Soars to Fresh 17-Year Peak
The annual inflation rate in Nigeria accelerated to 21.82% in January 2023, the highest since September 2005, from 21.34% in the prior month, against market expectations of a further slowdown to 21.3%. Soaring food prices and a weaker naira currency were the main drivers. Prices of food, which is the most relevant in the CPI basket, recorded an upturn to 24.32% in January from 23.75% in the prior month. The annual core inflation rate, which excludes farm produce, accelerated for the tenth straight month to a 16-year high of 19.2% in January, up from 18.5% in the prior month. On a monthly basis, consumer prices surged by 1.87%, the most in almost 16 years, after a 1.71% increase in the previous month.
2023-02-15
Nigeria Inflation Rate Softens in December
The annual inflation rate in Nigeria eased to 21.34% in December of 2022, down slightly from a 17-year peak of 21.47% in the prior month. It follows ten consecutive months of monthly increases amid a slight deceleration in prices of food (23.75% vs 24.13% in November), which is the most relevant in the CPI basket. Prices also rose less for alcoholic beverages, tobacco and kola (18.10% vs 18.48%); clothing & footwear (17.55% vs 17.66%); recreation & culture (15.74% vs 16.61%) and communication (11.2% vs 11.54%). Meanwhile, items such as transportation (20.16% vs 19.53%); miscellaneous goods & services (18.61% vs 18.10%); education (18.42% vs 17.88%), among others, became more expensive. The annual core inflation rate, which excludes farm produce, accelerated for the ninth straight month to a near 16-year high of 18.5% in December, up from 18.2% in November. On a monthly basis, consumer prices inched up by 1.71%, the most in four months, after a 1.39% increase in the previous month.
2023-01-16