Latest reading: Inflation ticked down to 4.0% in August from July’s 4.3%. August’s figure marked the lowest inflation rate since...
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
-
Chile: Inflation falls to over one-year low in August -
Mexico: Inflation rises in August but remains on-target Latest reading: Inflation came in at 3.6% in August, which was up from July’s 3.5%. The reading was in line... -
China: Consumer prices post greatest decline since February in August Latest reading: Consumer prices fell 0.4% on an annual basis in August, swinging from July’s flat reading and a sharper... -
Taiwan: Inflation rises in August but remains mild Latest reading: Inflation rose to 1.6% in August, above July’s 1.5%. The acceleration was primarily driven by increasing price pressures... -
Hungary: Inflation remains stable in August Latest reading: Inflation came in at 4.3% in August, matching July’s figure and remaining above the ceiling of the Central... -
Dominican Republic: Inflation increases in August Latest reading: Inflation ticked up to 3.7% in August from July’s 3.4%, inching closer to the midpoint of the Central... -
Guatemala: Inflation remains stable in August Latest reading: Inflation came in at 1.2% in August, matching July’s figure. Price pressures for food and alcoholic beverages ticked...