This study modeled the inflation rates in Nigeria using Box Jenkins’ time series approach. The data used for the work ware yearly collected data between 1961 and 2013. The empirical study revealed that the most adequate model for the inflation rates is ARIMA (0, 0, 1). The fitted Model was used to forecast the Nigerian inflation rates for a period of 12 years. Based on these results, we recommend effective fiscal policies aimed at monitoring Nigeria’s inflationary trend to avoid damaging consequences on the economy.
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