City in Nigeria

Nigeria Inflation

Nigeria Inflation

Inflation in Nigeria

Consumer price inflation in Nigeria averaged 13.0% in the ten years to 2022, above the Sub-Saharan Africa regional average of 9.4%. The 2022 average figure was 18.8%. For more inflation information, visit our dedicated page.

Nigeria Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Nigeria from 2014 to 2023.
Source: National Bureau of Statistics Nigeria.

Nigeria Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 12.1 11.4 13.2 17.0 18.8
Inflation (CPI, ann. var. %, eop) 11.4 12.0 15.8 15.6 21.3

Inflation rises again in April

Inflation came in at 33.7% in April, which was up from March’s 33.2%. April's reading represented the highest inflation rate since March 1996. Looking at the details of the release, prices for food and for housing and utilities increased at faster rates in April. In contrast, prices for transportation and for clothing and footwear grew at a more subdued pace. The trend pointed up, with annual average inflation coming in at 28.1% in April (March: 27.1%). Meanwhile, core inflation rose to 26.2% in April, from the previous month's 25.4%. Finally, consumer prices rose 2.29% from the previous month in April, a smaller increase than the 3.02% rise recorded in March. April's result marked the weakest reading since November 2023.

Our panelists see inflation near its peak and forecast a slight slowdown in H2, mainly due to recent monetary policy tightening.

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 23 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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