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. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.69 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 July of 2022.
Inflation Rate in Nigeria is expected to be 18.00 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.