City in Nigeria

Nigeria Inflation (CPI, ann. var. %, aop)

Inflation Rate in Nigeria

Inflation accelerates to near 18-year high in April

Inflation rose to 22.2% in April, up from March’s 22.0%, moving further above the upper bound of the Central Bank’s 6.0–9.0% target range. April’s result represented the highest inflation since September 2005. Looking at the details of the release, April’s acceleration was chiefly driven by stronger price increases for food—which make up the bulk of the inflation basket: Food prices rose by 24.5% in April. Additionally, price pressures for housing and utilities also intensified. April’s result likely means the Central Bank will extend its tightening cycle at its next meeting in May.

Accordingly, the trend pointed up, with annual average inflation rising to 20.8% in April, up from March’s 20.4%. Similarly, core inflation rose to 20.1$ in April, up from the previous month’s 19.9%.

Lastly, consumer prices rose 1.91% in April, a stronger increase than the prior month’s 1.86%.

Nigeria Inflation Rate Chart

This chart displays Inflation Rate (CPI, annual variation in %) for Nigeria from 2013 to 2022.

Nigeria Inflation Rate Data

2017 2018 2019 2020 2021
Inflation (CPI, ann. var. %, aop) 16.5 12.1 11.4 13.2 17.0

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest