Inflation Nigeria 2018
Average inflation: 12.1%
Current Inflation
Inflation is very high at 12.1%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 15.1%. The lowest inflation was in July at 11.1%.
- Highest month
- January: 15.1%
- Lowest month
- July: 11.1%
- Difference
- 4.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 14.4%. The lowest price increase was in Energy with an average of 7.4%.
- Highest increase
- Food: 14.4%
- Lowest increase
- Energy: 7.4%
Historical Context
Current inflation is around the 5-year average of 12.3%.
- 5-year average
- 12.3%
- 10-year average
- 11.9%
- All-time high (2017)
- 16.6%
- All-time low (2007)
- 5.4%
Trend
Inflation shows a downward trend. Compared to 2017, inflation has fallen by +4.5 percentage point.
- Change vs. previous year
- -4.5 percentage points
- Largest monthly swing
- July: -5.0 percentage points
ECB Target
Inflation is 10.1% 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 €112.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2018
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2017 |
|---|---|---|
| January | 15.1% | -3.6 |
| February | 14.3% | -3.5 |
| March | 13.3% | -4.0 |
| April | 12.5% | -4.7 |
| May | 11.6% | -4.7 |
| June | 11.2% | -4.9 |
| July | 11.1% | -5.0 |
| August | 11.2% | -4.8 |
| September | 11.3% | -4.7 |
| October | 11.3% | -4.6 |
| November | 11.3% | -4.6 |
| December | 11.4% | -4.0 |
| Average | 12.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.