Nigeria: Inflation: percent change in the Consumer Price Index
For that indicator, The World Bank provides data for Nigeria from 1960 to 2017. The average value for Nigeria during that period was 16 percent with a minumum of -3.7 percent in 1967 and a maximum of 72.8 percent in 1995.
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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.