Inflation Nigeria 2006
Average inflation: 8.4%
Current Inflation
Inflation is very high at 8.4%, far above the ECB target.
Peak and Trough
The highest inflation was in April at 12.6%. The lowest inflation was in July at 3.0%.
- Highest month
- April: 12.6%
- Lowest month
- July: 3.0%
- Difference
- 9.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 16.9%. The lowest price increase was in Food with an average of 6.0%.
- Highest increase
- Energy: 16.9%
- Lowest increase
- Food: 6.0%
Historical Context
Current inflation is around the 5-year average of 8.4%. This approaches the highest level since records began (8.4% in 2006).
- 5-year average
- 8.4%
- 10-year average
- 8.4%
- All-time high (2006)
- 8.4%
- All-time low (2006)
- 8.4%
Trend
ECB Target
Inflation is 6.4% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €108.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2006
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation |
|---|---|
| January | 10.7% |
| February | 10.8% |
| March | 12.0% |
| April | 12.6% |
| May | 10.5% |
| June | 8.5% |
| July | 3.0% |
| August | 3.7% |
| September | 6.3% |
| October | 6.1% |
| November | 7.7% |
| December | 8.5% |
| Average | 8.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.