Latest reading: Consumer prices were up 1.5% in annual terms in June, following a 2.1% rise in the prior month....
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 2013 to 2025.
Source: Macrobond.
Nigeria Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 17.0 | 18.8 | 24.7 | 30.0 | 23.0 |
| Inflation (CPI, ann. var. %, eop) | 15.6 | 21.3 | 28.9 | 31.5 | 15.2 |
Inflation rises in May from the prior month
Latest reading: Consumer prices rose 15.9% on a year-on-year basis in May, following a 15.7% rise in the prior month. Relative to the prior month's data, there were higher price pressures for food and non-alcoholic beverages (+17.8% on a year-on-year basis vs +16.6% in April), clothing and footwear (+6.8% vs +6.4% in April), housing and utilities (+9.8% vs +8.4% in April) and transport (+17.1% vs +16.0% in April). Meanwhile, core consumer prices increased 15.8% on a year-on-year basis in May, following a 14.8% increase in the prior month. Finally, consumer prices were up 1.75% in May on a month-on-month basis, following a 2.13% increase in the previous month.
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 20 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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