Nigeria's annual inflation rate quickened for a 15th straight month to 14.89% in November of 2020 from 14.23% in October. It was the highest inflation rate since January of 2018, as food inflation hit a near three-year high of 18.3%, mainly linked to dollar shortages and surging jihadist attacks in farming areas. On a monthly basis, consumer prices inched up 1.60%, the most since May 2017, after increasing 1.54% in the previous month. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria averaged 12.44 percent from 1996 until 2020, 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 December of 2020.
Inflation Rate in Nigeria is expected to be 15.40 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 13.30 in 12 months time. In the long-term, the Nigeria Inflation Rate is projected to trend around 13.00 percent in 2021 and 12.70 percent in 2022, according to our econometric models.