Inflation Nigeria 2014
Average inflation: 8.1%
Current Inflation
Inflation is very high at 8.1%, far above the ECB target.
Peak and Trough
The highest inflation was in August at 8.5%. The lowest inflation was in February at 7.7%.
- Highest month
- August: 8.5%
- Lowest month
- February: 7.7%
- Difference
- 0.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 9.4%. The lowest price increase was in Energy with an average of 5.8%.
- Highest increase
- Food: 9.4%
- Lowest increase
- Energy: 5.8%
Historical Context
Current inflation is 2.6% lower than the 5-year average of 10.7%.
- 5-year average
- 10.7%
- 10-year average
- 10.1%
- All-time high (2010)
- 13.8%
- All-time low (2007)
- 5.4%
Trend
Inflation shows a downward trend. Compared to 2013, inflation has fallen by +0.4 percentage point.
- Change vs. previous year
- -0.4 percentage points
- Largest monthly swing
- February: -1.8 percentage points
ECB Target
Inflation is 6.1% 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 €108.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2014
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2013 |
|---|---|---|
| January | 8.0% | -1.0 |
| February | 7.7% | -1.8 |
| March | 7.8% | -0.8 |
| April | 7.9% | -1.2 |
| May | 8.0% | -1.0 |
| June | 8.2% | -0.2 |
| July | 8.3% | -0.4 |
| August | 8.5% | +0.3 |
| September | 8.3% | +0.3 |
| October | 8.1% | +0.3 |
| November | 7.9% | 0.0 |
| December | 8.0% | 0.0 |
| Average | 8.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.