Inflation Nigeria 2021
Average inflation: 17.0%
Current Inflation
Inflation is very high at 17.0%, far above the ECB target.
Peak and Trough
The highest inflation was in March at 18.2%. The lowest inflation was in November at 15.4%.
- Highest month
- March: 18.2%
- Lowest month
- November: 15.4%
- Difference
- 2.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 20.4%. The lowest price increase was in Energy with an average of 10.2%.
- Highest increase
- Food: 20.4%
- Lowest increase
- Energy: 10.2%
Historical Context
Current inflation is 2.9% higher than the 5-year average of 14.1%. This approaches the highest level since records began (17.0% in 2021).
- 5-year average
- 14.1%
- 10-year average
- 12.4%
- All-time high (2021)
- 17%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2020, inflation has risen by +3.8 percentage point.
- Change vs. previous year
- +3.8 percentage points
- Largest monthly swing
- March: +5.9 percentage points
ECB Target
Inflation is 15.0% 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 €117.00 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | 16.5% | +4.4 |
| February | 17.3% | +5.1 |
| March | 18.2% | +5.9 |
| April | 18.1% | +5.8 |
| May | 17.9% | +5.5 |
| June | 17.8% | +5.2 |
| July | 17.4% | +4.6 |
| August | 17.0% | +3.8 |
| September | 16.6% | +2.9 |
| October | 16.0% | +1.8 |
| November | 15.4% | +0.5 |
| December | 15.6% | -0.2 |
| Average | 17.0% |
Data source
Data from WorldBank. Last updated: 06/01/2026.