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 2025 to 2013.
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 eases in August to eight-month low
Latest reading: Consumer prices increased 20.1% on a year-on-year basis in August, following a 21.9% rise in the prior month. August’s reading marked the fifth consecutive decrease in inflation and an eight-month low. Relative to the previous month's data, there were milder price pressures for food (+18.7% vs +20.9% in July) and housing and energy (+19.0% vs +26.1% in July). In contrast, price pressures were higher for clothing and footwear in August (+18.5% vs +18.0% in July). Meanwhile, core consumer prices rose 20.1% on a year-on-year basis in August, following a 21.4% rise in the previous month. Lastly, consumer prices rose 0.74% in August in month-on-month terms, following a 1.99% rise in the previous month.
Outlook: Inflation is seen declining this year and further next year thanks to a high base of comparison and the lower weight of food in the consumer price basket after the statistical office changed its data methodology earlier in 2025. Moreover, lower local fuel costs and a softer currency depreciation will further cap price growth. Still, further interest rate cuts will prevent a sharper decline in inflation.
Panelist insight: On the outlook, economists at Oxford Economics commented: “We are cautiously optimistic that headline inflation has found a disinflationary footing, with CPI inflation recording its fifth consecutive slowdown in August. We think consumer prices will benefit from a decrease in local fuel prices as the Dangote Refinery ramps up production and supplies directly to retailers, while a more stable naira will help keep price pressures in check.”
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
-
Estonia: Inflation slows in September from the prior month Latest reading: Harmonized consumer prices were up 5.3% in annual terms in September, following a 6.2% rise in the prior... -
France: Inflation rises in September from the prior month Latest reading: Harmonized consumer prices increased 1.1% in annual terms in September, following a 0.8% rise in the previous month.... -
Italy: Inflation rises in September from the prior month Latest reading: Harmonized consumer prices were up 1.8% on a year-on-year basis in September, following a 1.6% rise in the... -
Slovakia: Inflation picks up in September from the prior month Latest reading: Harmonized consumer prices rose 4.6% in annual terms in September, following a 4.4% rise in the prior month.... -
Slovenia: Inflation decelerates in September from the prior month Latest reading: Harmonized consumer prices rose 2.7% in annual terms in September, following a 3.0% increase in the prior month.... -
Austria: Inflation ebbs in September from the prior month Latest reading: Harmonized consumer prices increased 3.9% on a year-on-year basis in September, following a 4.1% increase in the prior... -
Croatia: Inflation stabilizes in September Latest reading: Harmonized consumer prices were up 4.6% on a year-on-year basis in September, unchanged from the previous month’s reading....