Nigeria: Inflation

* indicates monthly or quarterly data series
 Nigeria

Inflation: percent change in the Consumer Price Index

 Latest value 18.8
 Year 2022
 Measure percent
 Data availability 1960 - 2022
 Average 15.9
 Min - Max -3.7 - 72.8
 Source The World Bank
For that indicator, we provide data for Nigeria from 1960 to 2022. The average value for Nigeria during that period was 15.9 percent with a minimum of -3.7 percent in 1967 and a maximum of 72.8 percent in 1995. The latest value from 2022 is 18.8 percent. For comparison, the world average in 2022 based on 162 countries is 12.7 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Nigeria - Inflation - Recent values chart

Historical chart
Nigeria - Inflation - historical chart - 1960-2022




Inflation in Nigeria and other countries is usually calculated as the percent change in the Consumer Price Index (CPI) from one year to the next. The CPI represents the prices paid by the average urban consumer in each respective country. Inflation can also be calculated with other price indexes such as the Produce Price Index or the so-called GDP deflator.

Most countries try to keep inflation somewhere around 2-3 percent per year. That is too low to cause any problems for the businesses and households. At the same time, it is comfortably away from negative inflation, i.e. from deflation. Of course, this target is often missed.
Definition: Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

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 Related indicators Latest value Reference Measure
 Inflation 18.8 2022 percent
 Exchange rate regimes 6 2021 index points
 USD exchange rate 772.6651 9/2023 Local Currency Units per USD
 Money supply (broad money) 66,174.92 9/2023 billion
 Consumer Price Index (CPI) 606.0018 9/2023 index points
 Inflation, monthly 2.10 9/2023 percent
 Inflation, annual 26.72 9/2023 percent
 Private sector credit 59,507.35 9/2023 billion
 Deposit interest rate 8.49 9/2023 percent
 Business credit interest rate 14.32 9/2023 percent
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