Nigeria: Inflation, consumer prices (annual %)
In , Nigeria's Inflation, consumer prices (annual %) was 33.24.
That's up 34.8% from 2023, the highest value on record.
The global average for this indicator in 2024 was 7.39 . Nigeria ranks #6 globally out of 174 reporting countries. Within Sub-Saharan Africa, it ranks #2 of 42.
Source: World Bank Open Data (FP.CPI.TOTL.ZG) • Data as of 2024
Trend (2005–2024)
- 2008 · Global financial crisis
- 2020 · COVID-19 pandemic
- 2014 · Oil price collapse
- 2022 · Russia–Ukraine war begins
Highlights
- Peak
- 33.24
- Trough
- 5.39
- 1-year change
- +34.8%
- 5-year change
- +191.7%
- +23.9% / yr
- 10-year change
- +313.1%
- +15.2% / yr
Historical Data — Last 10 Years
| Year | Inflation, consumer prices (annual %) |
|---|---|
| 33.2421 | |
| 24.6596 | |
| 18.8472 | |
| 16.9528 | |
| 13.2460 | |
| 11.3964 | |
| 12.0951 | |
| 16.5023 | |
| 15.6968 | |
| 9.0094 |
About Inflation, consumer prices (annual %)
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. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.
Indicator code: FP.CPI.TOTL.ZG • Category: Economy
Frequently asked questions
- What was Nigeria's Inflation, consumer prices (annual %) in 2024?
- In 2024, Nigeria's Inflation, consumer prices (annual %) was 33.24, according to World Bank Open Data.
- Is Nigeria's Inflation, consumer prices (annual %) rising or falling?
- Nigeria's Inflation, consumer prices (annual %) rose 34.8% from 2023 to 2024.
- How does Nigeria rank globally on Inflation, consumer prices (annual %)?
- In 2024, Nigeria ranked #6 out of 174 countries reporting Inflation, consumer prices (annual %).
- How does Nigeria's Inflation, consumer prices (annual %) compare to the world average?
- The global average for Inflation, consumer prices (annual %) in 2024 was 7.39, so Nigeria is above the world average. Within Sub-Saharan Africa, it ranks #2 of 42.
- What is Inflation, consumer prices (annual %) and how is it measured?
- 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. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.
Source: World Bank Open Data (FP.CPI.TOTL.ZG), CC BY 4.0.