Nigeria Inflation Rate 1960-2024
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 2023 was 24.66%, a 5.81% increase from 2022.
- Nigeria inflation rate for 2022 was 18.85%, a 1.89% increase from 2021.
- 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 - Historical Data |
| Year |
Inflation Rate (%) |
Annual Change |
| 2023 |
24.66% |
5.81% |
| 2022 |
18.85% |
1.89% |
| 2021 |
16.95% |
3.71% |
| 2020 |
13.25% |
1.85% |
| 2019 |
11.40% |
-0.70% |
| 2018 |
12.10% |
-4.41% |
| 2017 |
16.50% |
0.81% |
| 2016 |
15.70% |
6.69% |
| 2015 |
9.01% |
0.96% |
| 2014 |
8.05% |
-0.45% |
| 2013 |
8.50% |
-3.73% |
| 2012 |
12.22% |
1.40% |
| 2011 |
10.83% |
-2.91% |
| 2010 |
13.74% |
1.20% |
| 2009 |
12.54% |
0.96% |
| 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% |
