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Inflation Rate Trends and Forecast for Nigeria from 1990 to 2029

Inflation Rate Trends and Forecast for Nigeria from 1990 to 2029

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TGM StatBox. (2024). Inflation Rate Trends and Forecast for Nigeria from 1990 to 2029. TGM StatBox.
Chart Details
Data Source: International Monetary Fund (IMF)
Timeframe: 1990-2029
Country: Nigeria
Published date: 2024
Survey Question: The Inflation rate (average consumer prices), as defined by the International Monetary Fund (IMF), measures the annual percentage change in the average level of prices of goods and services consumed by households.
Key Takeaways
Nigeria's inflation has fluctuated significantly, with peaks such as 29.3% in 1996 due to fiscal imbalances and structural economic challenges. Inflation decreased to 5.4% in 2007 but rose sharply to 24.7% in 2023, driven by currency devaluation, supply chain disruptions, and high energy prices.

Projections suggest a gradual decline to 14.0% by 2028, reflecting the anticipated effects of fiscal reforms and improved monetary policy measures.

Find out more through related statistics on Nigeria’s annual GDP, Nigeria’s working-age population proportion, Nigeria’s population numbers.

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