Nigeria: Inflation, GDP deflator (annual %)
In , Nigeria's Inflation, GDP deflator (annual %) was 14.09.
That's up 30.2% from 2023, the highest value since .
The global average for this indicator in 2024 was 13.69 . Nigeria ranks #18 globally out of 193 reporting countries. Within Sub-Saharan Africa, it ranks #10 of 46.
Source: World Bank Open Data (NY.GDP.DEFL.KD.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
- 55.44
- Trough
- 0.69
- 1-year change
- +30.2%
- 5-year change
- -74.6%
- -24.0% / yr
- 10-year change
- +202.2%
- +11.7% / yr
Historical Data — Last 10 Years
| Year | Inflation, GDP deflator (annual %) |
|---|---|
| 14.0897 | |
| 10.8226 | |
| 8.0466 | |
| 12.6369 | |
| 11.2525 | |
| 55.4449 | |
| 10.2285 | |
| 11.1189 | |
| 9.5437 | |
| 2.8637 |
About Inflation, GDP deflator (annual %)
Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.
Indicator code: NY.GDP.DEFL.KD.ZG • Category: Economy
Frequently asked questions
- What was Nigeria's Inflation, GDP deflator (annual %) in 2024?
- In 2024, Nigeria's Inflation, GDP deflator (annual %) was 14.09, according to World Bank Open Data.
- Is Nigeria's Inflation, GDP deflator (annual %) rising or falling?
- Nigeria's Inflation, GDP deflator (annual %) rose 30.2% from 2023 to 2024.
- How does Nigeria rank globally on Inflation, GDP deflator (annual %)?
- In 2024, Nigeria ranked #18 out of 193 countries reporting Inflation, GDP deflator (annual %).
- How does Nigeria's Inflation, GDP deflator (annual %) compare to the world average?
- The global average for Inflation, GDP deflator (annual %) in 2024 was 13.69, so Nigeria is above the world average. Within Sub-Saharan Africa, it ranks #10 of 46.
- What is Inflation, GDP deflator (annual %) and how is it measured?
- Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.
Source: World Bank Open Data (NY.GDP.DEFL.KD.ZG), CC BY 4.0.