Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
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 July
Latest reading: Inflation came in at 21.9% in July, down from June’s 22.2%. The deceleration was primarily driven by lower prices pressures for housing and utilities plus transportation. In addition, the trend pointed down, with annual average inflation coming in at 25.6% in July (June: 26.6%). Meanwhile, core inflation fell to 21.4% in July from June’s 22.4%. Lastly, consumer prices rose 1.99% in July over the previous month, accelerating from June's 1.68% increase. July's figure was the highest reading since March.
Outlook: After January’s change in inflation methodology, our panel has cut its 2025 inflation forecasts by 3.3 percentage points. Panelists now expect a high base of comparison and the lower weight of food in the basket to bring inflation under 2024’s level by more than previously expected.
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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Kuwait: Inflation increases in July -
Japan: Inflation declines in July but remains above target Latest reading: Inflation came in at 3.1% in July, down from June’s 3.3%. July’s result represented the lowest inflation rate... -
Estonia: Harmonized inflation picks up in July Latest reading: Harmonized inflation came in at 5.6% in July, which was up from June’s 5.3%. July’s figure was the... -
Greece: Harmonized inflation rises in July Latest reading: Harmonized inflation ticked up to 3.7% in July from June’s 3.6%. July’s figure represented the highest inflation rate... -
Hong Kong: Inflation falls to lowest level since June 2021 in July Latest reading: Inflation came in at 1.0% in July, down from June’s 1.5%. July’s result marked the weakest inflation rate... -
Lithuania: Harmonized inflation increases in July Latest reading: Harmonized inflation ticked up to 3.4% in July from June’s 3.2%. Looking at the details of the release,... -
Ireland: Harmonized inflation steadies in July Latest reading: Harmonized inflation was stable at June’s 1.6% in July. Looking at the details of the release, prices for...