Sub-Saharan Africa
Nigeria Inflation
Annual percentage change in consumer prices (CPI).
Latest Value
33.2%
As of 2024
YoY Change
+34.8%
2023 → 2024
Record High
72.8%
Recorded in 1995
Record Low
-3.7%
Recorded in 1967
10-Year Average
17.2%
2015–2024
Data Range
1960–2024
65 data points
Source
World Bank
Code: FP.CPI.TOTL.ZG
Historical Trend
Analysis
Nigeria's inflation rate stands at 33.24% as of 2024, indicating a high level of price instability in the economy. This trend suggests that the country is experiencing significant upward pressure on prices, which could be driven by various factors such as monetary policy, supply chain disruptions, or external shocks. The high inflation rate may erosion the purchasing power of consumers and affect the overall economic growth.
Historical Data
| Value | YoY Change | Change % | |
|---|---|---|---|
| 2024 | 33.2% | 8.6% | +34.8% |
| 2023 | 24.7% | 5.8% | +30.8% |
| 2022 | 18.8% | 1.9% | +11.2% |
| 2021 | 17.0% | 3.7% | +28.0% |
| 2020 | 13.2% | 1.8% | +16.2% |
| 2019 | 11.4% | 0.7% | -5.8% |
| 2018 | 12.1% | 4.4% | -26.7% |
| 2017 | 16.5% | 0.8% | +5.1% |
| 2016 | 15.7% | 6.7% | +74.2% |
| 2015 | 9.0% | 1.0% | +12.0% |
Source: World Bank Open Data · 1960–2024
Neighbouring Countries Ranking
Sub-Saharan Africa · Inflation
