Inflation Nigeria 2024
Average inflation: 33.2%
Current Inflation
Inflation is very high at 33.2%, far above the ECB target.
Peak and Trough
The highest inflation was in December at 34.8%. The lowest inflation was in January at 29.9%.
- Highest month
- December: 34.8%
- Lowest month
- January: 29.9%
- Difference
- 4.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 39.0%. The lowest price increase was in Energy with an average of 28.3%.
- Highest increase
- Food: 39.0%
- Lowest increase
- Energy: 28.3%
Historical Context
Current inflation is 11.9% higher than the 5-year average of 21.3%. This approaches the highest level since records began (33.2% in 2024).
- 5-year average
- 21.3%
- 10-year average
- 17.1%
- All-time high (2024)
- 33.2%
- All-time low (2007)
- 5.4%
Trend
Inflation shows an upward trend. Compared to 2023, inflation has risen by +8.7 percentage point.
- Change vs. previous year
- +8.7 percentage points
- Largest monthly swing
- May: +11.6 percentage points
ECB Target
Inflation is 31.2% 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 €133.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 29.9% | +8.1 |
| February | 31.7% | +9.8 |
| March | 33.2% | +11.2 |
| April | 33.7% | +11.5 |
| May | 34.0% | +11.6 |
| June | 34.2% | +11.4 |
| July | 33.4% | +9.3 |
| August | 32.2% | +6.4 |
| September | 32.7% | +6.0 |
| October | 33.9% | +6.6 |
| November | 34.6% | +6.4 |
| December | 34.8% | +5.9 |
| Average | 33.2% |
Data source
Data from WorldBank. Last updated: 06/01/2026.