Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation continues downward trend in September

Consumer prices rose 0.98% in October, down from September’s 1.15% increase. This marked a three-month low and was driven by a softer rise in food prices.

Inflation eased to a 10-month low of 16.0% in October (September: 16.6%). The trend, however, pointed up as annual average inflation rose to 17.0% in October from September’s 16.8%. Lastly, core inflation, which excludes volatile agricultural produce, clocked in at 13.2% in October from 13.7% in September.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.5% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 11.6%.

Nigeria - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)9.0  15.7  16.5  12.1  11.4  

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Nigeria Inflation Chart


Nigeria Inflation
Note: Inflation, annual average variation of consumer price index (CPI) in %.
Source: National Bureau of Statistics

Nigeria Facts

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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