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Nigeria Core Inflation Rate

Nigeria's core inflation rate decreased to 19.53% in September 2025 from 20.3% in August 2025. This is the lowest rate since February 2023. The Central Bank of Nigeria's monetary policy easing including a September benchmark interest rate cut, contributed to the decline. A shift in the inflation base year also helped reduce price pressures. Nigeria's record low core inflation rate was 0.49% in March 2008 and record high was 29.28% in December 2024.

Monthly Historical Data (2007-2025)

(in %)
Month Core Inflation Rate
Sep 2025 19.5%
Aug 2025 20.3%
Jul 2025 21.3%
Jun 2025 22.8%
May 2025 22.3%
Apr 2025 23.4%
Mar 2025 24.4%
Feb 2025 23%
Jan 2025 22.6%
Dec 2024 29.3%
Nov 2024 28.8%
Oct 2024 28.4%
Sep 2024 27.4%
Aug 2024 27.6%
Jul 2024 27.5%
Jun 2024 27.4%
May 2024 27%
Apr 2024 26.8%
Mar 2024 25.9%
Feb 2024 25.1%
Jan 2024 23.6%
Dec 2023 23.1%
Nov 2023 22.4%
Oct 2023 22.6%
Sep 2023 21.8%
Aug 2023 21.1%
Jul 2023 20.5%
Jun 2023 20.1%
May 2023 19.8%
Apr 2023 20%
Mar 2023 19.6%
Feb 2023 18.4%
Jan 2023 18.9%
Dec 2022 18.2%
Nov 2022 18%
Oct 2022 17.5%
Sep 2022 17.5%
Aug 2022 17.1%
Jul 2022 16.1%
Jun 2022 15.7%
May 2022 14.8%
Apr 2022 14.1%
Mar 2022 14.1%
Feb 2022 14.3%
Jan 2022 14.2%
Dec 2021 14.3%
Nov 2021 14.4%
Oct 2021 13.8%
Sep 2021 14.4%
Aug 2021 14%
Jul 2021 14.4%
Jun 2021 13.7%
May 2021 13.8%
Apr 2021 13.3%
Mar 2021 13.2%
Feb 2021 13%
Jan 2021 12.5%
Dec 2020 11.8%
Nov 2020 11.6%
Oct 2020 11.7%
Sep 2020 11.2%
Aug 2020 11.1%
Jul 2020 10.6%
Jun 2020 10.8%
May 2020 10.7%
Apr 2020 10.6%
Mar 2020 10.2%
Feb 2020 9.9%
Jan 2020 9.8%
Dec 2019 9.9%
Nov 2019 9.5%
Oct 2019 9.4%
Sep 2019 9.4%
Aug 2019 9.2%
Jul 2019 9.4%
Jun 2019 9.3%
May 2019 9.6%
Apr 2019 9.9%
Mar 2019 10.2%
Feb 2019 10.5%
Jan 2019 10.6%
Dec 2018 10.4%
Nov 2018 10.4%
Oct 2018 10.5%
Sep 2018 10.5%
Aug 2018 10.6%
Jul 2018 10.8%
Jun 2018 11.2%
May 2018 11.6%
Apr 2018 11.6%
Mar 2018 11.8%
Feb 2018 12.3%
Jan 2018 12.7%
Dec 2017 12.6%
Nov 2017 12.8%
Oct 2017 12.7%
Sep 2017 12.7%
Aug 2017 12.7%
Jul 2017 12.3%
Jun 2017 12%
May 2017 12.2%
Apr 2017 13.7%
Mar 2017 13.6%
Feb 2017 14%
Jan 2017 14.5%
Dec 2016 14.7%
Nov 2016 14.9%
Oct 2016 14.6%
Sep 2016 14.1%
Aug 2016 13.9%
Jul 2016 13.6%
Jun 2016 13.3%
May 2016 12.3%
Apr 2016 10.8%
Mar 2016 10.3%
Feb 2016 9.5%
Jan 2016 8.5%
Dec 2015 8.4%
Nov 2015 8.5%
Oct 2015 8.6%
Sep 2015 8.8%
Aug 2015 8.8%
Jul 2015 8.7%
Jun 2015 8.4%
May 2015 8.3%
Apr 2015 7.7%
Mar 2015 7.5%
Feb 2015 7.1%
Jan 2015 6.8%
Dec 2014 6.2%
Nov 2014 6.3%
Oct 2014 6.2%
Sep 2014 6.3%
Aug 2014 6.3%
Jul 2014 7.1%
Jun 2014 8.1%
May 2014 7.7%
Apr 2014 7.5%
Mar 2014 6.8%
Feb 2014 7.2%
Jan 2014 6.7%
Dec 2013 7.9%
Nov 2013 7.8%
Oct 2013 7.6%
Sep 2013 7.4%
Aug 2013 7.2%
Jul 2013 6.6%
Jun 2013 5.5%
May 2013 6.2%
Apr 2013 6.9%
Mar 2013 7.2%
Feb 2013 11.2%
Jan 2013 11.3%
Dec 2012 13.7%
Nov 2012 13.1%
Oct 2012 12.4%
Sep 2012 13.1%
Aug 2012 14.7%
Jul 2012 15%
Jun 2012 15.2%
May 2012 14.9%
Apr 2012 14.7%
Mar 2012 15%
Feb 2012 11.9%
Jan 2012 12.8%
Dec 2011 10.8%
Nov 2011 11.5%
Oct 2011 11.5%
Sep 2011 11.6%
Aug 2011 10.9%
Jul 2011 11.5%
Jun 2011 11.5%
May 2011 13%
Apr 2011 12.9%
Mar 2011 12.8%
Feb 2011 10.6%
Jan 2011 12.1%
Dec 2010 10.9%
Nov 2010 11.8%
Oct 2010 13.2%
Sep 2010 12.8%
Aug 2010 12.4%
Jul 2010 11.3%
Jun 2010 12.7%
May 2010 11.7%
Apr 2010 12.8%
Mar 2010 13.2%
Feb 2010 14%
Jan 2010 12.1%
Dec 2009 11.2%
Nov 2009 10.7%
Oct 2009 8.9%
Sep 2009 7.4%
Aug 2009 8%
Jul 2009 8.3%
Jun 2009 8.5%
May 2009 9.9%
Apr 2009 10.8%
Mar 2009 11.8%
Feb 2009 7.2%
Jan 2009 8%
Dec 2008 10.4%
Nov 2008 9.3%
Oct 2008 8%
Sep 2008 6.9%
Aug 2008 3.8%
Jul 2008 4.8%
Jun 2008 3.7%
May 2008 3.2%
Apr 2008 1.2%
Mar 2008 0.5%
Feb 2008 6.3%
Jan 2008 2.5%
Dec 2007 3.6%
Nov 2007 7.4%
Oct 2007 10.7%
Sep 2007 10.5%
Aug 2007 11.3%
Jul 2007 9.9%
Jun 2007 9.6%
May 2007 4.7%
Apr 2007 5.4%
Mar 2007 8.9%
Feb 2007 11.1%
Jan 2007 19.3%
Nigeria Core Inflation Rate : Definition
Nigeria's core inflation rate shows price changes, excluding volatile items like food and energy. It's calculated by removing these components from the Consumer Price Index, revealing underlying inflation trends.
Indicator Last Value Prior Value Period
Annual Inflation Rate 33.24% 24.66% 2024
Inflation Rate 18% 20.1% Sep'25
Inflation Rate MoM 0.7% 2% Aug'25