Inflation Nigeria 2023
Average inflation: 24.5%
Current Inflation
Inflation is very high at 24.5%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 28.9%. The lowest inflation was in January at 21.8%.
- Highest month
- December: 28.9%
- Lowest month
- January: 21.8%
- Difference
- 7.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 27.6%. The lowest price increase was in Energy with an average of 20.3%.
- Highest increase
- Food: 27.6%
- Lowest increase
- Energy: 20.3%
Historical Context
Current inflation is 7.5% higher than the 5-year average of 17.0%. This approaches the highest level since records began (24.5% in 2023).
- 5-year average
- 17%
- 10-year average
- 14.6%
- All-time high (2023)
- 24.5%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +5.7 percentage point.
- Change vs. previous year
- +5.7 percentage points
- Largest monthly swing
- December: +7.6 percentage points
ECB Target
Inflation is 22.5% 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 €124.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 21.8% | +6.2 |
| February | 21.9% | +6.2 |
| March | 22.0% | +6.1 |
| April | 22.2% | +5.4 |
| May | 22.4% | +4.7 |
| June | 22.8% | +4.2 |
| July | 24.1% | +4.5 |
| August | 25.8% | +5.3 |
| September | 26.7% | +5.9 |
| October | 27.3% | +6.2 |
| November | 28.2% | +6.7 |
| December | 28.9% | +7.6 |
| Average | 24.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.