Inflation Nigeria 2022
Average inflation: 18.8%
Current Inflation
Inflation is very high at 18.8%, far above the ECB target.
Peak and Trough
The highest inflation was in November at 21.5%. The lowest inflation was in January at 15.6%.
- Highest month
- November: 21.5%
- Lowest month
- January: 15.6%
- Difference
- 5.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 20.8%. The lowest price increase was in Energy with an average of 14.7%.
- Highest increase
- Food: 20.8%
- Lowest increase
- Energy: 14.7%
Historical Context
Current inflation is 4.3% higher than the 5-year average of 14.5%. This approaches the highest level since records began (18.8% in 2022).
- 5-year average
- 14.5%
- 10-year average
- 13%
- All-time high (2022)
- 18.8%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +1.8 percentage point.
- Change vs. previous year
- +1.8 percentage points
- Largest monthly swing
- November: +6.1 percentage points
ECB Target
Inflation is 16.8% 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 €118.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 15.6% | -0.9 |
| February | 15.7% | -1.6 |
| March | 15.9% | -2.3 |
| April | 16.8% | -1.3 |
| May | 17.7% | -0.2 |
| June | 18.6% | +0.8 |
| July | 19.6% | +2.2 |
| August | 20.5% | +3.5 |
| September | 20.8% | +4.2 |
| October | 21.1% | +5.1 |
| November | 21.5% | +6.1 |
| December | 21.3% | +5.7 |
| Average | 18.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.