Latest reading: Consumer prices increased 3.2% in annual terms in November, following a 3.6% increase in the prior month. November’s...
Inflation in Nigeria
Consumer price inflation in Nigeria averaged 16.2% in the ten years to 2024, in line with the Sub-Saharan Africa regional average of 10.8%. The 2024 average figure was 31.4%. For more information on inflation, visit our dedicated page.
Nigeria Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Nigeria from 2013 to 2025.
Source: Macrobond.
Nigeria Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 13.2 | 17.0 | 18.8 | 24.7 | 31.4 |
| Inflation (CPI, ann. var. %, eop) | 15.8 | 15.6 | 21.3 | 28.9 | 15.4 |
Inflation slows in October from the prior month
Latest reading: Consumer prices were up 16.1% in annual terms in October, following an 18.0% rise in the previous month. Relative to the previous month's figures, there were milder price pressures for food (+12.3% in annual terms vs +15.9% in September) and clothing and footwear (+15.4% vs +17.1% in September). In contrast, price pressures were higher for housing and energy in October (+19.1% vs +18.0% in September). Meanwhile, core consumer prices rose 18.1% on a year-on-year basis in October, following a 19.1% rise in the prior month. Lastly, consumer prices were up 0.93% in October in month-on-month terms, following a 0.72% rise in the prior month.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Nigerian inflation projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Nigerian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Nigerian inflation projections.
Want to get access to the full dataset of Nigerian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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United Kingdom: Inflation ebbs in November from the prior month -
Croatia: Inflation accelerates in November from October Latest reading: Harmonized consumer prices increased 4.3% in annual terms in November, following a 4.0% increase in the prior month.... -
Israel: Inflation decelerates in November from October Latest reading: Consumer prices were up 2.4% on a year-on-year basis in November, following a 2.5% rise in the prior... -
Canada: Inflation stabilizes in November from October Latest reading: Consumer prices were up 2.2% in annual terms in November, stable from the previous month’s reading. The November... -
Bulgaria: Inflation eases in November from October Latest reading: Consumer prices rose 5.2% in annual terms in November, following a 5.3% rise in the previous month. Relative... -
Sweden: Inflation slows in November from the prior month Latest reading: Consumer prices with a fixed interest rate (CPIF) rose 2.3% in annual terms in November, following a 3.1%... -
Romania: Inflation stabilizes in November from the prior month Latest reading: Consumer prices were up 9.8% in annual terms in November, unchanged from the prior month’s reading. Relative to...