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%.
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.