Nigeria's annual inflation rate soared to a fresh 1996-high of 31.7% in February 2024, up from 29.9% in January and above market forecasts of 31%, mainly due to the effects of oil subsidy removal and devaluation of the naira. Between June 2023, when the foreign exchange market was liberalized, and mid-February 2024, the naira depreciated by 69%, leading to a considerable rise in import costs and significantly impacting Nigeria's import-dependent economy. Other drivers of inflation include instability in food-producing areas of the country, deteriorating rural infrastructure and climate change. Food inflation, which accounts for the bulk of Nigeria's inflation basket, continued to climb and hit 37.9% in February, the highest since August 2005, from 35.4% in the prior month. The annual core inflation rate, which excludes farm produce, jumped to a multi-year high of 24.7% in February. On a monthly basis, consumer prices surged by 3.12% in February, after a 2.64% rise in the prior month. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria increased to 31.70 percent in February from 29.90 percent in January of 2024. Inflation Rate in Nigeria averaged 13.38 percent from 1996 until 2024, 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 March of 2024.
Inflation Rate in Nigeria increased to 31.70 percent in February from 29.90 percent in January of 2024. Inflation Rate in Nigeria is expected to be 34.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Inflation Rate is projected to trend around 20.00 percent in 2025 and 17.00 percent in 2026, according to our econometric models.