Annual inflation rate in Nigeria increased to 19.64% in July of 2022, the highest since September of 2005, from 18.6% in June, with a weakening naira continuing to pressure cost of imports up. Food inflation increased to 22%, the highest since May last year, mainly due to rising cost for bread and cereals, potatoes, yam and other tubers, meat, fish, oil, and fat. Other upward pressure came from gas, liquid fuel, solid fuel, passenger transport by road and by air, garments, cleaning, repair and hire of clothing. Compared to the previous month, the CPI went up 1.82%. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria averaged 12.73 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 September of 2022.

Inflation Rate in Nigeria is expected to be 17.00 percent by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 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.

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Nigeria Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-07-15 12:00 PM Jun 18.6% 17.71% 18.8%
2022-08-15 11:00 AM Jul 19.64% 18.6% 19.4%
2022-09-15 11:00 AM Aug 19.64%


Related Last Previous Unit Reference
Inflation Rate 19.64 18.60 percent Jul 2022
Consumer Price Index CPI 463.60 455.40 points Jul 2022
Core Inflation Rate 16.26 15.75 percent Jul 2022
Core Consumer Prices 393.00 386.18 points Jul 2022
Food Inflation 22.02 20.60 percent Jul 2022
Inflation Rate MoM 1.82 1.82 percent Jul 2022
CPI Transportation 402.40 396.00 points Jul 2022
CPI Housing Utilities 391.60 386.10 points Jul 2022
GDP Deflator 261.21 242.39 points Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
19.64 18.60 47.56 -2.49 1996 - 2022 percent Monthly
2009=100

News Stream
Nigeria Inflation Rate Highest since 2005
Annual inflation rate in Nigeria increased to 19.64% in July of 2022, the highest since September of 2005, from 18.6% in June, with a weakening naira continuing to pressure cost of imports up. Food inflation increased to 22%, the highest since May last year, mainly due to rising cost for bread and cereals, potatoes, yam and other tubers, meat, fish, oil, and fat. Other upward pressure came from gas, liquid fuel, solid fuel, passenger transport by road and by air, garments, cleaning, repair and hire of clothing. Compared to the previous month, the CPI went up 1.82%.
2022-08-15
Nigeria Inflation Rate Rises for 5th Month
Annual inflation rate in Nigeria accelerated for a fifth straight month to 18.6% in June of 2022, the highest rate since January of 2017, and compared to 17.7% in May. Food inflation surged to 20.6% from 19.5%, mainly due to bread and cereals, potatoes, yam, meat, fish, oil and fat, and wine. The Food and Non Alcoholic Beverages subindex is by far the most important, accounting for nearly 50% of total weight. Compared to the previous month, consumer prices increased 1.82%, after a 1.78% rise in May.
2022-07-15
Nigeria Inflation Rate Picks Up to 11-Month High
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.
2022-06-15