Inflation in Nigeria
Consumer price inflation in Nigeria averaged 13.0% in the ten years to 2022, above the Sub-Saharan Africa regional average of 9.4%. The 2022 average figure was 18.8%. For more inflation information, visit our dedicated page.
Nigeria Inflation Chart
Nigeria Inflation Data
|Inflation (CPI, ann. var. %, aop)||12.1||11.4||13.2||17.0||18.8|
|Inflation (CPI, ann. var. %, eop)||11.4||12.0||15.8||15.6||21.3|
Inflation increases in October
Inflation rose to 27.3% in October, following September’s 26.7%. October's result marked the highest inflation rate since August 2005. Looking at the details of the release, prices for food and housing and utilities increased at a faster rate in October. In contrast, prices for transportation rose at a slower pace. Annual average inflation rose to 23.4% in October (September: 22.9%). Meanwhile, core inflation rose to 22.7% in October, from the previous month's 22.1%. Lastly, consumer prices rose 1.73% in October over the previous month, which was below the 2.10% rise recorded in September. October's result marked the lowest reading since February.
Analysts at the EIU commented: “Inflation has continued to rise throughout 2023, and the pace has quickened since June owing to market reforms, which are likely to have powerful second-round pass-through effects. Currency losses on the parallel market, where a sizable share of foreign exchange is transacted, will be a major driver of imported inflation into 2024”
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 22 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.
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