Inflation Nigeria 2016
Average inflation: 15.6%
Current Inflation
Inflation is very high at 15.6%, far above the ECB target.
Peak and Trough
The highest inflation was in November at 18.5%. The lowest inflation was in January at 9.6%.
- Highest month
- November: 18.5%
- Lowest month
- January: 9.6%
- Difference
- 8.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 21.8%. The lowest price increase was in Food with an average of 14.8%.
- Highest increase
- Energy: 21.8%
- Lowest increase
- Food: 14.8%
Historical Context
Current inflation is 4.9% higher than the 5-year average of 10.7%. This approaches the highest level since records began (15.6% in 2016).
- 5-year average
- 10.7%
- 10-year average
- 10.8%
- All-time high (2016)
- 15.6%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2015, inflation has risen by +6.6 percentage point.
- Change vs. previous year
- +6.6 percentage points
- Largest monthly swing
- November: +9.1 percentage points
ECB Target
Inflation is 13.6% 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 €115.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2016
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2015 |
|---|---|---|
| January | 9.6% | +1.4 |
| February | 11.4% | +3.0 |
| March | 12.8% | +4.3 |
| April | 13.7% | +5.0 |
| May | 15.6% | +6.6 |
| June | 16.5% | +7.3 |
| July | 17.1% | +7.9 |
| August | 17.6% | +8.3 |
| September | 17.9% | +8.5 |
| October | 18.3% | +9.0 |
| November | 18.5% | +9.1 |
| December | 18.5% | +8.9 |
| Average | 15.6% |
Data source
Data from WorldBank. Last updated: 06/01/2026.