Inflation Nigeria 2017
Average inflation: 16.6%
Current Inflation
Inflation is very high at 16.6%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 18.7%. The lowest inflation was in December at 15.4%.
- Highest month
- January: 18.7%
- Lowest month
- December: 15.4%
- Difference
- 3.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 19.4%. The lowest price increase was in Energy with an average of 13.3%.
- Highest increase
- Food: 19.4%
- Lowest increase
- Energy: 13.3%
Historical Context
Current inflation is 5.0% higher than the 5-year average of 11.6%. This approaches the highest level since records began (16.6% in 2017).
- 5-year average
- 11.6%
- 10-year average
- 11.9%
- All-time high (2017)
- 16.6%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2016, inflation has risen by +1.0 percentage point.
- Change vs. previous year
- +1.0 percentage points
- Largest monthly swing
- January: +9.1 percentage points
ECB Target
Inflation is 14.6% 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 €116.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2017
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2016 |
|---|---|---|
| January | 18.7% | +9.1 |
| February | 17.8% | +6.4 |
| March | 17.3% | +4.5 |
| April | 17.2% | +3.5 |
| May | 16.3% | +0.7 |
| June | 16.1% | -0.4 |
| July | 16.1% | -1.0 |
| August | 16.0% | -1.6 |
| September | 16.0% | -1.9 |
| October | 15.9% | -2.4 |
| November | 15.9% | -2.6 |
| December | 15.4% | -3.1 |
| Average | 16.6% |
Data source
Data from WorldBank. Last updated: 06/01/2026.