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. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.56 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 July of 2021.

Inflation Rate in Nigeria is expected to be 17.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Nigeria to stand at 12.50 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 12.00 percent in 2022 and 9.50 percent in 2023, according to our econometric models.

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Nigeria Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
17.75 17.93 47.56 -2.49 1996 - 2021 percent Monthly
2009=100


Calendar GMT Actual Previous Consensus TEForecast
2021-04-15 07:30 AM Mar 18.17% 17.33% 17.7%
2021-05-17 03:00 PM Apr 18.12% 18.17% 19.5%
2021-06-15 01:15 PM May 17.93% 18.12% 18.5%
2021-07-16 08:00 AM Jun 17.75% 17.93% 17.8%
2021-08-16 12:00 PM Jul 17.75%
2021-09-15 07:30 AM Aug
2021-10-15 07:30 AM Sep
2021-11-15 10:10 AM Oct


News Stream
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 Inflation Rate Drops for 2nd Month
Nigeria's annual inflation rate eased for the second straight month to 17.93% in May of 2021 from 18.12% in April, amid a slight slowdown in prices of food & non-alcoholic beverages & tobacco (22.28% vs 22.72% in April) and despite a recent currency devaluation. Still, the annual core inflation, which excludes the prices of volatile agricultural produce hit 13.15% in May, the highest since April of 2017. On a monthly basis, consumer prices inched up 1.01%, following a 0.97% increase in the prior month.
2021-06-15
Nigeria Inflation Rate Drops for 1st Time since 2019
Nigeria's annual inflation rate eased to 18.12% in April of 2021, the first decline since August 2019, down slightly from a four-year high of 18.17% in March. Food inflation dropped to 22.72% from a nearly 16-year peak of 22.95% in the prior month. Meanwhile, prices continued to rise sharply for transport (14.9% vs 14.7%); health (15.9% vs 15.8%); furnishings (12.6% vs 12.2%); clothing & footwear (13.2% vs 12.9%); miscellaneous goods & services (11.5% vs 11.4%) and housing & utilities (10.1%, the same as in March). On a monthly basis, consumer prices were up 0.97%, slowing from a 1.56% rise in the previous month.
2021-05-17
Nigeria March Inflation Rate at Over 4-Year High
Nigeria's annual inflation rate jumped for a 19th straight month to 18.17% in March of 2021, the highest since January of 2017, amid the continued impact of the coronavirus epidemic that has also induced a slump in oil prices and weakened the naira currency. Food inflation hit a nearly 16-year peak at 22.95%. On a monthly basis, consumer prices were up 1.56%, following a 1.54% increase in the previous month.
2021-04-15

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.