Nigeria’s annual inflation rate eased for the sixth straight month to 16.63% in September of 2021, down from 17.01% in August. It was the lowest rate since January, largely due to a sustained moderation in food inflation since April (19.57% vs 20.3% in August) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.74% in September from 13.41% in the prior month. On a monthly basis, consumer prices increased by 1.15%, following a 1.02% rise in the previous month. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.60 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 October of 2021.

Inflation Rate in Nigeria is expected to be 13.00 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 7.00 percent in 2022 and 6.50 percent in 2023, according to our econometric models.

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Nigeria Inflation Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-16 08:00 AM Jun 17.75% 17.93% 17.8%
2021-08-17 12:00 PM Jul 17.38% 17.75% 17.6%
2021-09-15 04:10 AM Aug 17.01% 17.38% 17.2%
2021-10-15 10:45 AM Sep 16.63% 17.01% 16.3%
2021-11-15 10:10 AM Oct 16.63%
2021-12-15 08:00 AM Nov


News Stream
Nigeria September Inflation Rate at 8-Month Low
Nigeria’s annual inflation rate eased for the sixth straight month to 16.63% in September of 2021, down from 17.01% in August. It was the lowest rate since January, largely due to a sustained moderation in food inflation since April (19.57% vs 20.3% in August) and despite the naira's ongoing depreciation. The annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.74% in September from 13.41% in the prior month. On a monthly basis, consumer prices increased by 1.15%, following a 1.02% rise in the previous month.
2021-10-15
Nigeria August Inflation Rate at 7-Month Low
Nigeria’s annual inflation rate eased for a fifth straight month to 17.01% in August of 2021, from 17.38% in July. It was the lowest inflation rate since January, mainly driven by another slowdown in food prices (20.3% vs 21.03% in July) and despite the naira's ongoing devaluation. The core inflation, excluding prices of farm produce, also fell to 13.41% in August from 13.72% in July. On a monthly basis, consumer prices increased by 1.02%, after a 0.93% rise in the previous month.
2021-09-15
Nigeria July Inflation Rate at 5-Month Low
Nigeria’s annual inflation rate eased for the fourth straight month to 17.38% in July of 2021, from 17.75% in June. It was the lowest inflation rate since February, amid a further slowdown in prices of food (21.03% vs 21.83% in June) and despite the naira's ongoing devaluation. On a monthly basis, consumer prices went up 0.93%, the least since March of 2020, decelerating from a 1.06% increase in the previous month. The Central Bank of Nigeria has forecasted that Nigeria’s inflation rate will slow down to 13% by the end of the year and drop to single-digit by 2022, with the full implementation of its recent policies designed to boost different sectors of the economy and assuming that strict lockdowns will not resurface.
2021-08-17
Nigeria Inflation Rate Continues to Drop in June
Nigeria’s annual inflation rate eased slightly for the third straight month to 17.75% in June of 2021, from 17.93% in May, amid a small slowdown in prices of food & non-alcoholic beverages (21.83% vs 22.28% in May) and despite an official 7.7% naira devaluation in May. In addition, annual core inflation excluding prices of agricultural produce was slower at 13.09% in June (vs 13.15%). On a monthly basis, consumer prices inched up 1.06%, following a 1.01% rise in the previous month.
2021-07-16

Nigeria Last Unit Reference Previous Highest Lowest
Inflation Rate 16.63 percent Sep/21 17.01 47.56 -2.49
Consumer Price Index CPI 396.00 points Sep/21 391.50 396.00 14.36
Core Inflation Rate 13.74 percent Sep/21 13.41 19.28 0.49
Core Consumer Prices 344.80 points Sep/21 340.61 344.80 69.00
Food Inflation 19.57 percent Sep/21 20.30 39.54 -17.50
CPI Transportation 349.80 points Sep/21 346.00 349.80 68.50
Cpi Housing Utilities 345.40 points Sep/21 342.50 345.40 7.80
Inflation Rate Mom 1.02 percent Aug/21 0.93 8.93 -3.50
GDP Deflator 237.80 points Mar/21 222.83 237.80 0.60


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.