Inflation in Nigeria

Nigeria Inflation | Economic News & Forecasts

Nigeria - Inflation

Inflation soars to over 17-year high in October

Inflation accelerated to 21.1% in October from 20.8% in September. The result represented the strongest inflation rate since September 2005. Looking at the details of the release, the pickup was chiefly driven by stronger increases in prices for food and non-alcoholic beverages, as well as for housing, water, electricity and gas.

Consequently, the trend pointed up; annual average inflation rose to 17.9% in October, up from the prior month’s 17.4%. Meanwhile, core inflation also increased, coming in at 17.8% in October (September: 17.6%).

Lastly, consume prices rose 1.24% month on month in October, a softer increase than September’s 1.36%.

FocusEconomics Consensus Forecast panelists expect inflation to average 17.1% in 2023, which is up 0.7 percentage points from last month’s forecast. In 2024, inflation is seen averaging 12.8%.

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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