Inflation Rate in Nigeria decreased to 22.97 percent in May from 23.71 percent in April of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Nigeria inflation rate for 2023 was 24.66%, a 5.81% increase from 2022.

<ul style='margin-top:20px;'>

<li>Nigeria inflation rate for 2022 was <strong>18.85%</strong>, a <strong>1.89% increase</strong> from 2021.</li>
<li>Nigeria inflation rate for 2021 was <strong>16.95%</strong>, a <strong>3.71% increase</strong> from 2020.</li>
<li>Nigeria inflation rate for 2020 was <strong>13.25%</strong>, a <strong>1.85% increase</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 percent in 2017 – and a real, significant decrease is nowhere in sight. The bigger problem is its unsteadiness, however: An inflation rate that is bouncing all over the place, like this one, is usually a sign of a struggling economy, causing prices to fluctuate, and unemployment and poverty to increase. Nigeria’s economy - a so-called “mixed economy”, which means the market economy is at least in part regulated by the state – is not entirely in bad shape, though. More than half of its GDP is generated by the services sector, namely telecommunications and finances, and the country derives a significant share of its state revenues from oil.

Because it got high

To simplify: When the inflation rate rises, so do prices, and consequently banks raise their interest rates as well to cope and maintain their profit margin. Higher interest rates often cause unemployment to rise. In certain scenarios, rising prices can also mean more panicky spending and consumption among end users, causing debt and poverty. The extreme version of this is called hyperinflation: A rapid increase of prices that is out of control and leads to bankruptcies en masse, devaluation of money and subsequently a currency reform, among other things. But does that mean that low inflation is better? Maybe, but only to a certain degree; the ECB, for example, aspires to maintain an inflation rate of about two percent so as to keep the economy stable. As soon as we reach deflation territory, however, things are starting to look grim again. The best course is a stable inflation rate, to avoid uncertainty and rash actions.

Nigeria today

Nigeria is one of the countries with the largest populations worldwide and also the largest economy in Africa, with its economy growing rapidly after a slump in the aforementioned year 2017. It is slated to be one of the countries with the highest economic growth over the next few decades. Demographic key indicators, like infant mortality rate, fertility rate, and the median age of the population, all point towards a bright future. Additionally, the country seems to make big leaps forward in manufacturing and technological developments, and boasts huge natural resources, including natural gas. All in all, Nigeria and its inflation seem to be on the upswing – or on the path to stabilization, as it were.

Cost of food in Nigeria increased 21.14 percent in May of 2025 over the same month in the previous year. This dataset provides - Nigeria Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Description: This dataset provides a comprehensive overview of monthly inflation rates in Nigeria from March 2003 to June 2024, alongside key economic indicators such as crude oil prices, production levels, and various Consumer Price Index (CPI) components. The data captures important economic trends and is suitable for time series analysis, forecasting, and economic modeling.

The dataset includes the following features:

Inflation Rate: The monthly inflation rate in Nigeria, reflecting the change in consumer prices.

Crude Oil Price: The monthly average price of crude oil, which plays a significant role in Nigeria's economy.

Production and Export: Monthly crude oil production and export figures, representing key components of Nigeria's GDP.

CPI Components: Detailed breakdown of the Consumer Price Index, including food, energy, health, transport, communication, and education.

This dataset is ideal for economists, data scientists, and analysts interested in exploring the dynamics of inflation in a developing economy heavily influenced by oil prices and production. Potential applications include inflation forecasting, economic policy analysis, and studying the impact of global oil prices on domestic inflation.

As of June 2023, the food inflation rate in Nigeria stood at around 25.09 percent compared to June 2022. This rate was the highest rate in the period under review. Overall, the food inflation rate in Nigeria followed an increasing trend.

Graph and download economic data for Inflation, consumer prices for Nigeria (FPCPITOTLZGNGA) from 1960 to 2023 about Nigeria, consumer, CPI, inflation, price index, indexes, and price.

The Consumer Price Index in Nigeria increased 1.53 percent in May of 2025 over the previous month. This dataset provides - Nigeria Inflation Rate MoM- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The average inflation rate in the Nigeria was forecast to continuously decrease between 2023 and 2028 by in total 6.1 percentage points. The average inflation rate is estimated to amount to 14 percent in 2028.Following the definitions provided by the International Monetary Fund, this indicator measures inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. Depicted here is the year-on-year change in said index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Senegal, Mali and Cote D'Ivoire.

Urban versus rural inflation disparity Comparing rural to urban areas in Nigeria showed that inflation was slightly worse in urban areas, with a difference of close to one percent in 2022. Other economic indicators reveal that inflation had a severe impact on the prices of consumer goods. Moreover, the Consumer Index Price of food in Nigeria in 2022 was 590.2. The food products with the highest percentage change in price was beans with 40 percent and over, depending on the color. That was followed by beef articles with 34 to close to 37 percent, depending on the part.

Fuel price surges: a closer look at diesel price fluctuations in Nigeria Another area that saw a dramatic spike in prices was fuel prices. In February 2023, there was a 0.98 percent rise in the cost of diesel in Nigeria when compared to January 2023. The most substantial surge occurred in March 2022. During that month, the average price of diesel surged by nearly 73 percent in contrast to the preceding month. This sharp escalation was attributed to a worldwide deficit in fuel supply and difficulties in the supply chain, which was prompted by the conflict in Ukraine and regulations implemented to control the transmission of COVID-19. Furthermore, consumers in Nigeria faced an average diesel price of 836.91 Nigerian naira (NGN), approximately 1.82 U.S. dollars, per liter. The North-Central States of Nigeria displayed the most elevated prices, with consumers in this region paying an average of 850.65 NGN per liter, roughly 1.85 U.S. dollars. During this specific timeframe, Osun emerged as the State with the highest price across Nigeria, as diesel prices reached a pinnacle of 707 NGN (equivalent to 1.7 U.S. dollars).

Core consumer prices in Nigeria increased 22.28 percent in May of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Nigeria Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The latest inflation rate, i.e. the percent change in the CPI from a year ago to now, in Nigeria was 3.89 percent. That number was released in . It shows a decrease from the inflation rate in the previous month when it stood at 3.96 percent. Compared to a year ago, we see a decrease from the inflation...

Inflation, monthly percent change in the CPI in Nigeria, April, 2025 The most recent value is 1.86 percent as of April 2025, a decline compared to the previous value of 3.9 percent. Historically, the average for Nigeria from February 1995 to April 2025 is 1.17 percent. The minimum of -3.51 percent was recorded in August 1999, while the maximum of 8.98 percent was reached in April 1995. | TheGlobalEconomy.com

Inflation, consumer prices (annual %) in Nigeria was reported at 24.66 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Inflation, consumer prices (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Nigeria NG: Inflation:(GDP) Gross Domestic ProductDeflator data was reported at 11.117 % in 2017. This records an increase from the previous number of 9.544 % for 2016. Nigeria NG: Inflation:(GDP) Gross Domestic ProductDeflator data is updated yearly, averaging 11.117 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 113.076 % in 1995 and a record low of -5.666 % in 1998. Nigeria NG: Inflation:(GDP) Gross Domestic ProductDeflator data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; Median;

In August 2023, the inflation in urban areas of Nigeria grew by 27.69 percent compared to August 2022. The inflation in rural Nigeria experienced an increase by 24.1 percent compared to the same period of the previous year.

Nigeria Inflation Rate: Average Annual : Food data was reported at 14.802 % in Nov 2018. This records a decrease from the previous number of 15.355 % for Oct 2018. Nigeria Inflation Rate: Average Annual : Food data is updated monthly, averaging 10.760 % from Dec 1996 (Median) to Nov 2018, with 264 observations. The data reached an all-time high of 31.047 % in Mar 2002 and a record low of -14.147 % in Dec 2000. Nigeria Inflation Rate: Average Annual : Food data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.I004: Inflation Rate.

In August 2023, the Consumer Price Index in Nigeria stood at 593.6 points, which was a significant increase compared to 471.8 points in August 2022. Generally, inflation in the country has been constantly increasing in the last months. In fact, Nigeria ranks as one of the countries with the highest inflation rate worldwide.

Consumer price index is a measure that examines the changes in the purchasing power of a currency. It measures changes in the price level of a market basket of consumer goods and services purchased by households. The movement of the Consumer Price Index is the main measure for inflation rates.

Nigeria Inflation Rate: YoY: Food data was reported at 13.277 % in Oct 2018. This records a decrease from the previous number of 13.309 % for Sep 2018. Nigeria Inflation Rate: YoY: Food data is updated monthly, averaging 11.161 % from Jan 1996 (Median) to Oct 2018, with 274 observations. The data reached an all-time high of 39.535 % in Sep 2001 and a record low of -17.502 % in Jan 2000. Nigeria Inflation Rate: YoY: Food data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.I004: Inflation Rate.

Dataset

This dataset was created by Meric Pakkan

Contents

Dataset

This dataset was created by Mohammed Mukthar

Released under Apache 2.0

Contents