Nigeria’s annual inflation rate soared to 33.2%, the highest since March 1996, from 31.7% in the previous month. The higher inflation is mainly driven by the sharp fall in local currency coupled with the removal of fuel subsidy. Food inflation, which accounts for the bulk of Nigeria's inflation basket, continued to climb and hit 40% in March, the highest since August 2005, from 37.9% in the prior month. The annual core inflation rate, which excludes farm produce and energy, jumped to a multi-year high of 25.9% in March. On a monthly basis, consumer prices eased slightly to 3%, down from 3.1% in February. source: National Bureau of Statistics, Nigeria
Inflation Rate in Nigeria increased to 33.20 percent in March from 31.70 percent in February of 2024. Inflation Rate in Nigeria averaged 13.44 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 April of 2024.
Inflation Rate in Nigeria increased to 33.20 percent in March from 31.70 percent in February of 2024. Inflation Rate in Nigeria is expected to be 38.50 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.