Inflation Nigeria 2020
Average inflation: 13.2%
Current Inflation
Inflation is very high at 13.2%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 15.8%. The lowest inflation was in January at 12.1%.
- Highest month
- December: 15.8%
- Lowest month
- January: 12.1%
- Difference
- 3.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 16.0%. The lowest price increase was in Energy with an average of 8.1%.
- Highest increase
- Food: 16.0%
- Lowest increase
- Energy: 8.1%
Historical Context
Current inflation is 0.6% lower than the 5-year average of 13.8%.
- 5-year average
- 13.8%
- 10-year average
- 11.8%
- All-time high (2017)
- 16.6%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2019, inflation has risen by +1.8 percentage point.
- Change vs. previous year
- +1.8 percentage points
- Largest monthly swing
- December: +3.8 percentage points
ECB Target
Inflation is 11.2% 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 €113.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2020
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2019 |
|---|---|---|
| January | 12.1% | +0.7 |
| February | 12.2% | +0.9 |
| March | 12.3% | +1.0 |
| April | 12.3% | +0.9 |
| May | 12.4% | +1.0 |
| June | 12.6% | +1.4 |
| July | 12.8% | +1.7 |
| August | 13.2% | +2.2 |
| September | 13.7% | +2.5 |
| October | 14.2% | +2.6 |
| November | 14.9% | +3.0 |
| December | 15.8% | +3.8 |
| Average | 13.2% |
Data source
Data from WorldBank. Last updated: 06/01/2026.