Food prices in Nigeria surged 16 percent from a year earlier in August of 2020, the most since March of 2018, after rising 15.48 percent in July. Food inflation has been in double digits for more than three years, amid a weakened currency and continued border closures due to the pandemic crisis.
Food Inflation in Nigeria averaged 11.76 percent from 1996 until 2020, reaching an all time high of 39.54 percent in September of 2001 and a record low of -17.50 percent in January of 2000. This page provides - Nigeria Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Food Inflation - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020.
Food Inflation in Nigeria is expected to be 16.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Food Inflation in Nigeria to stand at 16.20 in 12 months time. In the long-term, the Nigeria Food Inflation is projected to trend around 16.00 percent in 2021 and 14.50 percent in 2022, according to our econometric models.