Current inflation Nigeria 34.8%
December 2024
Current Inflation
Inflation is very high at 33.2%, far above the ECB target.
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.
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.
Last 12 months
5-year trend
Statistics
- This year (avg.)
- 33.2%
- Last year
- 24.5%
- 5-year average
- 33.2%
- All-time high (2024)
- 33.2%