Latest reading: Inflation inched up to 0.2% in July, slightly above June’s 0.1% and market expectations of 0.1%. Prices rose...
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 2014 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 declines in June
Latest reading: Inflation eased to 22.2% in June, following May’s 23.0%. June marked the fifth month after the statistical office introduced methodological changes, lowering the weight of food—which had been a key inflation driver in previous months. The deceleration was primarily due to lower price pressures for housing and utilities plus transportation. Annual average inflation fell to 26.6% in June (May: 27.6%). Meanwhile, core inflation fell to 22.4% in June from May’s 23.3%. Lastly, consumer prices rose 1.68% from the previous month in June, accelerating from May's 1.53% increase.
Outlook: After January’s change in inflation methodology, our panel has reduced its 2025 inflation forecasts by 3.4 percentage points. Panelists now expect a high base effect and the lower weight of food in the basket to push inflation under 2024’s level by more than previously anticipated.
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
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Switzerland: Inflation remains minimal in July -
United States: Inflation holds steady in July Latest reading: Inflation came in at 2.7% in July, matching June’s figure and below market expectations. Price pressures increased for... -
India: Inflation decelerates for ninth month in July Latest reading: Inflation fell for the ninth month running in July and hit a just-over eight-year low of 1.6%, down... -
China: Consumer prices are unchanged year on year in July Latest reading: Consumer prices were flat year-on-year in July, which followed June’s 0.1% increase. Higher prices for food, clothing, healthcare... -
Taiwan: Inflation increases in July but remains mild Latest reading: Inflation ticked up to 1.5% in July from June’s 1.4%. The reading was driven by rising price pressures... -
Denmark: Inflation reaches near two-year high in July Latest reading: Inflation increased to 2.3% in July, following June’s 1.9%. July’s result marked the highest inflation rate since August... -
Thailand: Consumer prices record biggest drop since February 2024 in July Latest reading: Consumer prices declined 0.7% in annual terms in July, a larger drop compared to June’s 0.2% year-on-year decrease...