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Nigeria Annual Inflation Rate

Nigeria's annual inflation rate rose to 33.24% in 2024, up from 24.66% in 2023, according to World Bank. This represents an increase of 8.58% from the previous year. Nigeria has the 7th highest annual inflation rate. Within Africa, it ranks 4th out of 50 countries.

Yearly Historical Data (1960-2024)

(in %)
Year Annual Inflation Rate (%)
2024 33.24%
2023 24.66%
2022 18.85%
2021 16.95%
2020 13.25%
2019 11.4%
2018 12.1%
2017 16.5%
2016 15.7%
2015 9.01%
2014 8.05%
2013 8.5%
2012 12.22%
2011 10.83%
2010 13.74%
2009 12.54%
2008 11.58%
2007 5.39%
2006 8.23%
2005 17.86%
2004 15%
2003 14.03%
2002 12.88%
2001 18.87%
2000 6.93%
1999 6.62%
1998 10%
1997 8.53%
1996 29.27%
1995 72.84%
1994 57.03%
1993 57.17%
1992 44.59%
1991 13.01%
1990 7.36%
1989 50.47%
1988 54.51%
1987 11.29%
1986 5.72%
1985 7.44%
1984 17.82%
1983 23.21%
1982 7.7%
1981 20.81%
1980 9.97%
1979 11.71%
1978 21.71%
1977 15.09%
1976 24.3%
1975 33.96%
1974 12.67%
1973 5.4%
1972 3.46%
1971 16%
1970 13.76%
1969 10.16%
1968 -0.48%
1967 -3.73%
1966 9.69%
1965 4.1%
1964 0.86%
1963 -2.69%
1962 5.27%
1961 6.28%
1960 5.44%
Nigeria Annual Inflation Rate : Definition
Annual Inflation Rate measures the yearly percentage increase in consumer prices in Nigeria.
Indicator Last Value Prior Value Period
Core Inflation Rate 19.5% 20.3% Sep'25
Inflation Rate 18% 20.1% Sep'25
Inflation Rate MoM 0.7% 2% Aug'25