Nigeria's annual inflation rate soared to a fresh 1996-high of 31.7% in February 2024, up from 29.9% in January and above market forecasts of 31%, mainly due to the effects of oil subsidy removal and devaluation of the naira. Between June 2023, when the foreign exchange market was liberalized, and mid-February 2024, the naira depreciated by 69%, leading to a considerable rise in import costs and significantly impacting Nigeria's import-dependent economy. Other drivers of inflation include instability in food-producing areas of the country, deteriorating rural infrastructure and climate change. Food inflation, which accounts for the bulk of Nigeria's inflation basket, continued to climb and hit 37.9% in February, the highest since August 2005, from 35.4% in the prior month. The annual core inflation rate, which excludes farm produce, jumped to a multi-year high of 24.7% in February. On a monthly basis, consumer prices surged by 3.12% in February, after a 2.64% rise in the prior month. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria increased to 31.70 percent in February from 29.90 percent in January of 2024. Inflation Rate in Nigeria averaged 13.38 percent from 1996 until 2024, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000. This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.

Inflation Rate in Nigeria increased to 31.70 percent in February from 29.90 percent in January of 2024. Inflation Rate in Nigeria is expected to be 34.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Inflation Rate is projected to trend around 20.00 percent in 2025 and 17.00 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-15 11:40 AM
Inflation Rate YoY
Jan 29.9% 28.92% 29.5% 30.0%
2024-03-15 11:30 AM
Inflation Rate YoY
Feb 31.7% 29.9% 31% 32.0%
2024-04-15 04:00 PM
Inflation Rate YoY
Mar 31.7% 34.0%


Related Last Previous Unit Reference
Consumer Price Index CPI 681.40 660.80 points Feb 2024
Core Consumer Prices 541.04 530.04 points Feb 2024
Core Inflation Rate 24.70 23.44 percent Feb 2024
CPI Housing Utilities 543.90 530.80 points Feb 2024
CPI Transportation 570.00 560.20 points Feb 2024
Food Inflation YoY 37.92 35.41 percent Feb 2024
GDP Deflator 302.70 311.99 points Dec 2023
Inflation Rate YoY 31.70 29.90 percent Feb 2024
Inflation Rate MoM 3.10 2.60 percent Feb 2024

Nigeria Inflation Rate
In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states. The most important categories in the CPI are: Food & Non-alcoholic Beverages (52% of the total weight), Housing, Water, Electricity, Gas & Other Fuel (17%), Clothing & Footwear (8%). Transports account for 7% and Furnishings & Household Equipment Maintenance for 5%. Others include: Education (4%); Health (3%); Miscellaneous Goods and Services (2%); Restaurants and Hotels (1%); Alcoholic Beverages, Tobacco & Kola (1%); Recreation & Culture (1%); and Communications (1%).
Actual Previous Highest Lowest Dates Unit Frequency
31.70 29.90 47.56 -2.49 1996 - 2024 percent Monthly
2009=100

News Stream
Nigeria Inflation Rate Continues to Climb
Nigeria's annual inflation rate soared to a fresh 1996-high of 31.7% in February 2024, up from 29.9% in January and above market forecasts of 31%, mainly due to the effects of oil subsidy removal and devaluation of the naira. Between June 2023, when the foreign exchange market was liberalized, and mid-February 2024, the naira depreciated by 69%, leading to a considerable rise in import costs and significantly impacting Nigeria's import-dependent economy. Other drivers of inflation include instability in food-producing areas of the country, deteriorating rural infrastructure and climate change. Food inflation, which accounts for the bulk of Nigeria's inflation basket, continued to climb and hit 37.9% in February, the highest since August 2005, from 35.4% in the prior month. The annual core inflation rate, which excludes farm produce, jumped to a multi-year high of 24.7% in February. On a monthly basis, consumer prices surged by 3.12% in February, after a 2.64% rise in the prior month.
2024-03-15
Nigeria Inflation Rate Quickens Again, Tops Forecasts
Nigeria's annual inflation rate climbed further to a near 28-year high of 29.9% in January 2024, up from 28.9% in December and above market forecasts of 29.5%. Food inflation, which accounts for the bulk of Nigeria's inflation basket, quickened again to 35.4% in January from 33.9% a month earlier, with higher prices across a broad range of items including bread, fish, meat, fruit and eggs. On a monthly basis, consumer prices inched up by 2.6% in January, the most in five months, following a 2.3% rise in the previous month.
2024-02-15
Nigeria Inflation Rate Nears 3-Decade High
Nigeria's annual inflation rate continued to accelerate to hit a nearly 30-year high of 28.9% in December 2023, up from 28.2% in the prior month. Headline inflation has consistently exceeded the upper boundary of the central bank's target range of 6% to 9% since 2015, primarily due to the substantial depreciation of the naira. The depreciation gained momentum following the new government's decision to eliminate petrol subsidies, coupled with the liberalization of foreign exchange in June 2023. Prices of food, which is the most relevant in the CPI basket, jumped to 33.9% in December, the highest since August 2005, from 32.8% in the prior month. The annual core inflation rate, which excludes farm produce, quickened to a multi-year high of 23.07% in December, from 22.55% in November. On a monthly basis, consumer prices advanced by 2.3% in December, following a 2.1% rise in the previous month.
2024-01-15