Inflation Nigeria 2019
Average inflation: 11.4%
Current Inflation
Inflation is very high at 11.4%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 12.0%. The lowest inflation was in August at 11.0%.
- Highest month
- December: 12.0%
- Lowest month
- August: 11.0%
- Difference
- 1.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 13.7%. The lowest price increase was in Energy with an average of 7.3%.
- Highest increase
- Food: 13.7%
- Lowest increase
- Energy: 7.3%
Historical Context
Current inflation is 1.5% lower than the 5-year average of 12.9%.
- 5-year average
- 12.9%
- 10-year average
- 11.8%
- All-time high (2017)
- 16.6%
- All-time low (2007)
- 5.4%
Trend
Inflation shows a downward trend. Compared to 2018, inflation has fallen by +0.7 percentage point.
- Change vs. previous year
- -0.7 percentage points
- Largest monthly swing
- January: -3.7 percentage points
ECB Target
Inflation is 9.4% 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 €111.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2019
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2018 |
|---|---|---|
| January | 11.4% | -3.7 |
| February | 11.3% | -3.0 |
| March | 11.3% | -2.0 |
| April | 11.4% | -1.1 |
| May | 11.4% | -0.2 |
| June | 11.2% | 0.0 |
| July | 11.1% | 0.0 |
| August | 11.0% | -0.2 |
| September | 11.2% | -0.1 |
| October | 11.6% | +0.3 |
| November | 11.9% | +0.6 |
| December | 12.0% | +0.6 |
| Average | 11.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.