Food prices in Nigeria advanced 14.67 percent year-on-year, up from a 14.48 percent rise in November. It was the highest food inflation since April 2018, mainly attributable to the country’s ongoing border closures and increased seasonal demand during the Christmas season. Food Inflation in Nigeria averaged 11.66 percent from 1996 until 2019, 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.
Food Inflation in Nigeria is expected to be 13.40 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 12.50 in 12 months time. In the long-term, the Nigeria Food Inflation is projected to trend around 11.00 percent in 2020, according to our econometric models.