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.

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).

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.

The USD/NGN exchange rate rose to 1,531.5650 on July 14, 2025, up 0.20% from the previous session. Over the past month, the Nigerian Naira has strengthened 0.74%, and is up by 4.28% over the last 12 months. Nigerian Naira - values, historical data, forecasts and news - updated on July of 2025.

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. This dataset provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Consumer Price Index CPI in Nigeria increased to 121.40 points in May from 119.50 points in April of 2025. This dataset provides - Nigeria Consumer Price Index (CPI) - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Prices in Nigeria are generally increasing due to a steady inflation, and food items are particularly impacted. The prices also vary considerably from state to state. In Oyo State, one kilogram of white gari, sold loose, cost on average 460 Naira in August 2023 (around 0.32 U.S. dollars). One kilogram of boneless beef reached 2,711 Naira, which is equal to roughly 1.90 U.S. dollars, while one bottle of palm oil cost on average 1,287 Naira per liter, some 0.90 U.S. dollars.

As of August 1, 2023, one U.S. dollar could buy 21,021.7 Sierra Leonean leones (SLL), the highest exchange rate among the African currencies. Furthermore, one U.S. dollar corresponded to 758.9 Nigerian naira (NGN), 30.85 Egyptian pounds (EGP), 18.03 South African rand (ZAR), and 9.86 Moroccan dirhams (MAD) as of the same date.

Exchange rates and inflation: a case study of West African countries

Exchange rates can affect a country's inflation rate and the purchasing power of its currency. If a country's currency depreciates significantly, it can lead to higher inflation as the cost of imported goods and services increases. Indeed, the inflation rate in Sierra Leone increased steeply over the past two years. The IMF further estimates that inflation will continue to rise before falling again. This high inflation and other factors also led to the depreciation of the SLL. Furthermore, a regional perspective showed that Nigeria and Liberia faced similar high inflation rates.

Businesses' strategies for tackling inflation

Unfavorable exchange rates negatively impact countries' economies. It does this in various ways, including limiting businesses' ability to grow. Issues such as inflation affect purchasing power and businesses' investment decisions. In 2023, a survey revealed that a substantial number of micro, small, and medium enterprises (MSMEs) employed various measures to offset the impact of inflation. Approximately 36 percent of these businesses tapped into their personal savings to bolster their operations, while another 32 percent opted to scale down their business activities.

Prices in Nigeria are generally increasing due to a steady inflation, and food items are particularly impacted. The prices also vary considerably from state to state. In Niger State, one kilogram of local rice, sold loose, cost on average about 583 Naira in August 2023 (around 0.4 U.S. dollars). One kilogram of boneless beef reached 2,490 Naira, which is equal to 1.75 U.S. dollars, while one bottle of palm oil cost on average some 1247 Naira per liter, roughly 0.9 U.S. dollars.

Prices in Nigeria are increasing due to steady inflation and food items are particularly impacted. Food items have different prices across the states. In Borno State, one kilogram of white garri, sold loose, cost approximately 417 Naira, around 0.34 U.S. dollars, in August 2023. One kilogram of boneless beef also reached 2,501 Naira, 2.01 U.S. dollars, while one bottle of palm oil cost 1,183 Naira per liter, roughly 0.95 U.S. dollars.

Prices in Nigeria are generally increasing due to steady inflation, and food items are particularly impacted. The prices also vary considerably from state to state. In Plateau State, one kilogram of tomato cost on average 281 Naira in August 2023 (around 0.20 U.S. dollar). One kilogram of boneless beef reached 2,737 Naira, which is equal to roughly 1.90 U.S. dollars, while one bottle of palm oil cost on average 1,192 Naira per liter, 0.84 U.S. dollar.

Prices in Nigeria are generally increasing due to steady inflation, and food items are particularly impacted. The prices also vary considerably from state to state. In Ogun State, one kilogram of local rice, sold loose, cost on average 670 Naira (around 0.47 U.S. dollars) in August 2023. One kilogram of boneless beef reached 2,700 Naira, which is equal to 1.90 U.S. dollars, while one bottle of palm oil cost on average 1,525 Naira per liter, 1.07 U.S. dollars.

Prices in Nigeria are generally increasing due to steady inflation, and food items are particularly impacted. The prices also vary considerably from state to state. In Rivers State, one kilogram of tomato cost on average 892 Naira (0.63 U.S. dollar) in August 2023. One kilogram of boneless beef reached 3,046 Naira, which is equal to roughly 2.10 U.S. dollars, while one bottle of palm oil cost on average 1,097 Naira per liter, 0.77 U.S. dollar.

Prices in Nigeria are generally increasing due to steady inflation, and food items are particularly impacted. The prices also vary considerably from state to state. In Kwara State, one kilogram of white gari, sold loose, cost on average 337 Naira (around 0.24 U.S. dollar) in August 2023. One kilogram of local rice reached 642 Naira, which equals to 0.45 U.S. dollars, while one bottle of palm oil cost on average 920 Naira per liter, 0.65 U.S. dollar.

Prices in Nigeria are increasing due to steady inflation and food items are particularly impacted. Food items have different prices across the states. In Edo State, one kilogram of white garri, sold loose, cost 513 Naira in August 2023 (around 0.41 U.S. dollar). One kilogram of boneless beef reached 2,995 Naira, 2.4 U.S. dollars, while one bottle of palm oil cost 1,333 Naira per liter, roughly 1.07 U.S. dollars.

Prices in Nigeria are increasing due to steady inflation and food items are particularly impacted. Food items have different prices across the states. In Bauchi State, one kilogram of brown beans, sold loose, cost 601 Naira in August 2023 (around 0.48 U.S. dollars). One kilogram of tomato also reached 328 Naira, about 0.26 U.S. dollars, while half a kilogram of sliced bread cost 550 Naira, 0.44 U.S. dollars.