Nigeria Inflation Rate 1960-2022

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.
  • Nigeria inflation rate for 2021 was 16.95%, a 3.71% increase from 2020.
  • Nigeria inflation rate for 2020 was 13.25%, a 1.85% increase from 2019.
  • Nigeria inflation rate for 2019 was 11.40%, a 0.7% decline from 2018.
  • Nigeria inflation rate for 2018 was 12.09%, a 4.43% decline from 2017.
Data Source: World Bank

MLA Citation:
Similar Country Ranking
Country Name Inflation Rate (%)
Sudan 382.82%
Zambia 22.02%
Nigeria 16.95%
Kyrgyz Republic 11.91%
Ghana 9.97%
Georgia 9.57%
Pakistan 9.50%
Bhutan 7.35%
Mongolia 7.10%
Sri Lanka 7.01%
Kenya 6.11%
Lesotho 6.05%
Tunisia 5.71%
Bangladesh 5.55%
Egypt 5.55%
India 5.13%
Moldova 5.11%
Nicaragua 4.93%
Papua New Guinea 4.48%
Honduras 4.48%
Philippines 3.93%
Lao PDR 3.76%
El Salvador 3.47%
Kosovo 3.35%
Cambodia 2.92%
Vanuatu 2.34%
Cameroon 2.27%
Cabo Verde 1.86%
Vietnam 1.83%
Republic of Congo 1.72%
Indonesia 1.56%
Morocco 1.40%
West Bank and Gaza 1.24%
Bolivia 0.74%
Solomon Islands -0.12%
Nigeria Inflation Rate - Historical Data
Year Inflation Rate (%) Annual Change
2021 16.95% 3.71%
2020 13.25% 1.85%
2019 11.40% -0.70%
2018 12.09% -4.43%
2017 16.52% 0.85%
2016 15.68% 6.67%
2015 9.01% 0.95%
2014 8.06% -0.41%
2013 8.48% -3.74%
2012 12.22% 1.38%
2011 10.84% -2.88%
2010 13.72% 1.17%
2009 12.56% 0.97%
2008 11.58% 6.19%
2007 5.39% -2.84%
2006 8.23% -9.64%
2005 17.86% 2.87%
2004 15.00% 0.97%
2003 14.03% 1.16%
2002 12.88% -6.00%
2001 18.87% 11.94%
2000 6.93% 0.31%
1999 6.62% -3.38%
1998 10.00% 1.47%
1997 8.53% -20.74%
1996 29.27% -43.57%
1995 72.84% 15.80%
1994 57.03% -0.13%
1993 57.17% 12.58%
1992 44.59% 31.58%
1991 13.01% 5.64%
1990 7.36% -43.10%
1989 50.47% -4.04%
1988 54.51% 43.22%
1987 11.29% 5.57%
1986 5.72% -1.72%
1985 7.44% -10.39%
1984 17.82% -5.39%
1983 23.21% 15.51%
1982 7.70% -13.12%
1981 20.81% 10.84%
1980 9.97% -1.74%
1979 11.71% -10.00%
1978 21.71% 6.62%
1977 15.09% -9.21%
1976 24.30% -9.66%
1975 33.96% 21.29%
1974 12.67% 7.27%
1973 5.40% 1.95%
1972 3.46% -12.54%
1971 16.00% 2.24%
1970 13.76% 3.60%
1969 10.16% 10.63%
1968 -0.48% 3.25%
1967 -3.73% -13.42%
1966 9.69% 5.59%
1965 4.10% 3.25%
1964 0.86% 3.55%
1963 -2.69% -7.96%
1962 5.27% -1.01%
1961 6.28% 0.83%
1960 5.44% 0.83%