Inflation fell to 0.4% in August, below July’s 0.8%. August’s figure represented the lowest inflation rate since April. Looking at...
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
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Nigeria from 2014 to 2023.
Source: Macrobond.
Nigeria Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 11.4 | 13.2 | 17.0 | 18.8 | 24.7 |
| Inflation (CPI, ann. var. %, eop) | 12.0 | 15.8 | 15.6 | 21.3 | 28.9 |
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 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.
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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Thailand: Inflation drops to lowest level since April in August -
Indonesia: Inflation stabilizes in August Inflation remained at 2.1% in August, unchanged from July’s figure. August’s result marked the joint-lowest inflation rate since February 2022.... -
Peru: Inflation drops to lowest level since May in August Inflation inched down to 2.0% in August, following July’s 2.1%. August’s figure marked the weakest inflation rate since May, and... -
Kazakhstan: Inflation drops in August Inflation ticked down to 8.4% in August from July’s 8.5%, though remaining entrenched above the Central Bank’s 5.0% medium-term target.... -
Korea: Inflation falls to lowest level since March 2021 in August Inflation fell to 2.0% in August, following July’s 2.6%. August’s reading represented the weakest inflation rate since March 2021, and... -
Poland: Inflation ticks up in August Inflation rose to 4.3% in August from 4.2% in July, remaining above the upper limit of the Central Bank’s inflation... -
Kenya: Inflation increases in August Inflation ticked up to 4.4% in August from July’s 4.3%. Looking at the details of the release, faster price pressures...