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.

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Nigeria Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-06-15 11:00 AM May 17.71% 16.82% 17.4% 17.4%
2022-07-15 12:00 PM Jun 18.6% 17.71% 18.8%
2022-08-15 11:00 AM Jul 18.6%


Related Last Previous Unit Reference
Inflation Rate 18.60 17.71 percent Jun 2022
Consumer Price Index CPI 455.40 447.20 points Jun 2022
Core Inflation Rate 15.75 14.90 percent Jun 2022
Core Consumer Prices 386.18 380.25 points Jun 2022
Food Inflation 20.60 19.50 percent Jun 2022
CPI Transportation 396.00 389.70 points Jun 2022
CPI Housing Utilities 386.10 380.70 points Jun 2022
Inflation Rate Mom 1.82 1.78 percent Jun 2022
GDP Deflator 261.21 242.39 points Mar 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 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
18.60 17.71 47.56 -2.49 1996 - 2022 percent Monthly
2009=100

News Stream
Nigeria Inflation Rate Rises for 5th Month
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.
2022-07-15
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