Inflation rate of Nigeria leapt by 5.14% from 15.7 % in 2016 to 16.5 % in 2017. Since the 5.26% slump in 2014, inflation rate rocketed by 105.04% in 2017.
The description is composed by our digital data assistant.Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used. Data for inflation are averages for the year, not end-of-period data.