Latest reading: Consumer prices rose 2.5% in annual terms in July, following a 2.6% rise in the prior month. Relative...
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
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 17.0 | 18.8 | 24.7 | 30.0 | 23.0 |
| Inflation (CPI, ann. var. %, eop) | 15.6 | 21.3 | 28.9 | 31.5 | 15.2 |
Inflation is stable in June
Latest reading: Consumer prices were up 15.9% on a year-on-year basis in June, stable from the prior month's reading. Relative to the prior month's data, there were higher price pressures for food and non-alcoholic beverages (+18.3% on a year-on-year basis vs +17.8% in May) and housing and utilities (+11.2% vs +9.8% in May). In contrast, there were reduced price pressures for clothing and footwear (+6.4% vs +6.8% in May) and transport (+15.6% vs +17.1% in May). Meanwhile, core consumer prices increased 15.4% in annual terms in June, following a 15.8% rise in the prior month. Finally, consumer prices increased 1.66% in June in month-on-month terms, following a 1.75% 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 21 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
-
Taiwan: Inflation decelerates in July from June -
Korea: Inflation slows in July from June Latest reading: Consumer prices increased 2.8% in annual terms in July, following a 3.2% rise in the previous month. Relative... -
Qatar: Inflation is stable in June Latest reading: Consumer prices were up 2.2% on a year-on-year basis in June, unchanged from the prior month’s reading. Relative... -
Switzerland: Inflation eases in July from the prior month Latest reading: Consumer prices were up 0.4% on a year-on-year basis in July, following a 0.5% rise in the previous... -
Indonesia: Inflation decelerates in July from the prior month Latest reading: Consumer prices rose 2.9% on a year-on-year basis in July, following a 3.3% increase in the prior month... -
Vietnam: Inflation ebbs in July from June Latest reading: Consumer prices increased 4.4% in annual terms in July, following a 4.7% rise in the prior month and... -
Poland: Inflation accelerates in July from June Latest reading: Consumer prices were up 3.0% on a year-on-year basis in July, following a 2.5% increase in the prior...