Annual inflation rate in Nigeria accelerated for a fifth straight month to 18.6% in June of 2022, the highest rate since January of 2017, and compared to 17.7% in May. Food inflation surged to 20.6% from 19.5%, mainly due to bread and cereals, potatoes, yam, meat, fish, oil and fat, and wine. The Food and Non Alcoholic Beverages subindex is by far the most important, accounting for nearly 50% of total weight. Compared to the previous month, consumer prices increased 1.82%, after a 1.78% rise in May. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.71 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 August of 2022.
Inflation Rate in Nigeria is expected to be 16.00 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.