Current inflation Nigeria 34.8%
December 2024
Current Inflation
Inflation is very high at 34.8%, far above the ECB target.
Historical Context
Inflation is 13.5 percentage points 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
Over the period 2022-2024, inflation shows an upward trend. Compared to 2023, average inflation in 2024 through December has risen by 8.7 percentage points.
ECB Target
Inflation is 32.8 percentage points 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 NGN 100 this year will cost approximately NGN 134.80 next year at this inflation rate.
Last 12 months
5-year trend
Statistics
- Average 2024 through December
- 33.2%
- Last year
- 24.5%
- 5-year average
- 21.3%
- All-time high (2024)
- 33.2%