City in Nigeria

Nigeria Inflation

Nigeria Inflation

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.”

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.

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