Inflation Nigeria 2008
Average inflation: 11.5%
Current Inflation
Inflation is very high at 11.5%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 15.1%. The lowest inflation was in March at 7.8%.
- Highest month
- December: 15.1%
- Lowest month
- March: 7.8%
- Difference
- 7.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 15.8%. The lowest price increase was in Energy with an average of 6.2%.
- Highest increase
- Food: 15.8%
- Lowest increase
- Energy: 6.2%
Historical Context
Current inflation is 3.1% higher than the 5-year average of 8.4%. This approaches the highest level since records began (11.5% in 2008).
- 5-year average
- 8.4%
- 10-year average
- 8.4%
- All-time high (2008)
- 11.5%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2007, inflation has risen by +6.1 percentage point.
- Change vs. previous year
- +6.1 percentage points
- Largest monthly swing
- October: +10.1 percentage points
ECB Target
Inflation is 9.5% 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 €111.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2008
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2007 |
|---|---|---|
| January | 8.6% | +0.6 |
| February | 8.0% | +0.9 |
| March | 7.8% | +2.6 |
| April | 8.2% | +4.0 |
| May | 9.7% | +5.1 |
| June | 12.0% | +5.6 |
| July | 13.9% | +9.1 |
| August | 12.4% | +8.2 |
| September | 13.0% | +8.9 |
| October | 14.7% | +10.1 |
| November | 14.8% | +9.6 |
| December | 15.1% | +8.5 |
| Average | 11.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.