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.