Nigeria - Inflation, consumer prices (annual %) 1960 - 2022
Nigeria's inflation, consumer prices (annual %) is currently 18.85%, according to the most recent World Bank data for the country (2022).
Definition
The consumer price index gauges inflation by indicating the yearly percentage shift in the expenses for an average consumer to procure a collection of goods and services, which could either remain constant or alter at specified periods like annually; typically employing the Laspeyres formula.- Nigeria's inflation, consumer prices (annual %) for 2022 was 18.847%, a 11.17% increase from 2021, with a +1 difference.
- In 2021 it was 16.953%, a 27.98% increase from 2020, with a +3 difference.
- In 2020 it was 13.246%, a 16.23% increase from 2019.
- In 2019 it was 11.396%, a -5.78% increase from 2018.
- In 2018 it was 12.095%, a -26.71% increase from 2017.
Measure: Percent
Average, Lowest, and Highest Recorded Values
The average inflation, consumer prices (annual %), value for Nigeria is currently 15.8522% (average of years with recorded data) with a lowest recorded value of -3.7263% in 1967 and a highest value of 72.8355% in 1995.
Nigeria's Inflation, consumer prices (annual %) - Historical Data
| Year | Inflation, consumer prices (annual %) | Average Growth Rate (%) |
|---|---|---|
| 1960 | 5.444% | |
| 1961 | 6.279% | 15.33% |
| 1962 | 5.266% | -16.14% |
| 1963 | -2.695% | -151.17% |
| 1964 | 0.857% | 131.80% |
| 1965 | 4.103% | 378.93% |
| 1966 | 9.69% | 136.15% |
| 1967 | -3.726% | -138.45% |
| 1968 | -0.476% | 87.22% |
| 1969 | 10.156% | 2,233.34% |
| 1970 | 13.757% | 35.46% |
| 1971 | 15.999% | 16.30% |
| 1972 | 3.458% | -78.39% |
| 1973 | 5.403% | 56.25% |
| 1974 | 12.674% | 134.60% |
| 1975 | 33.964% | 167.97% |
| 1976 | 24.3% | -28.45% |
| 1977 | 15.088% | -37.91% |
| 1978 | 21.709% | 43.89% |
| 1979 | 11.71% | -46.06% |
| 1980 | 9.972% | -14.84% |
| 1981 | 20.813% | 108.71% |
| 1982 | 7.698% | -63.01% |
| 1983 | 23.212% | 201.55% |
| 1984 | 17.821% | -23.23% |
| 1985 | 7.435% | -58.28% |
| 1986 | 5.717% | -23.11% |
| 1987 | 11.29% | 97.48% |
| 1988 | 54.511% | 382.81% |
| 1989 | 50.467% | -7.42% |
| 1990 | 7.364% | -85.41% |
| 1991 | 13.007% | 76.62% |
| 1992 | 44.589% | 242.81% |
| 1993 | 57.165% | 28.21% |
| 1994 | 57.032% | -0.23% |
| 1995 | 72.836% | 27.71% |
| 1996 | 29.268% | -59.82% |
| 1997 | 8.53% | -70.86% |
| 1998 | 9.996% | 17.19% |
| 1999 | 6.618% | -33.79% |
| 2000 | 6.933% | 4.76% |
| 2001 | 18.874% | 172.22% |
| 2002 | 12.877% | -31.77% |
| 2003 | 14.032% | 8.97% |
| 2004 | 14.998% | 6.89% |
| 2005 | 17.863% | 19.11% |
| 2006 | 8.225% | -53.96% |
| 2007 | 5.388% | -34.49% |
| 2008 | 11.581% | 114.94% |
| 2009 | 12.538% | 8.26% |
| 2010 | 13.74% | 9.59% |
| 2011 | 10.826% | -21.21% |
| 2012 | 12.224% | 12.91% |
| 2013 | 8.496% | -30.50% |
| 2014 | 8.047% | -5.27% |
| 2015 | 9.009% | 11.95% |
| 2016 | 15.697% | 74.23% |
| 2017 | 16.502% | 5.13% |
| 2018 | 12.095% | -26.71% |
| 2019 | 11.396% | -5.78% |
| 2020 | 13.246% | 16.23% |
| 2021 | 16.953% | 27.98% |
| 2022 | 18.847% | 11.17% |
Expand
Comparison with Countries in the Sub-Saharan Africa Region.
Among countries in the same World Bank Sub-Saharan Africa (SSA) region, Nigeria comes in 9th with 18.847% inflation, consumer prices (annual %).
- Within the same region, Sudan comes in 1st with 138.808%, inflation, consumer prices (annual %).
- Zimbabwe comes in 2nd with 104.705%.
- Ghana comes in 3rd with 31.256%.
- Sierra Leone comes in 4th with 27.208%.
- Ethiopia comes in 5th with 26.84%.
- Angola comes in 6th with 25.754%.
- Liberia comes in 7th with 23.564%.
- Malawi comes in 8th with 20.954%.
- Burundi comes in 10th with 18.801%.
- Sao Tome and Principe comes in 11th with 18.006%.
- Rwanda comes in 12th with 17.689%.
- Burkina Faso comes in 13th with 14.29%.
- Botswana comes in 14th with 11.666%.
- Gambia, The comes in 15th with 11.513%.
- Zambia comes in 16th with 10.993%.
- Mauritius comes in 17th with 10.774%.
- Guinea comes in 18th with 10.493%.
- And Mozambique comes in 19th with 10.279%, inflation, consumer prices (annual %).
Inflation, consumer prices (annual %), Top 10 Countries in the Sub-Saharan Africa Region.
Top 10 Countries in the Sub-Saharan Africa Region.
| # | Country | Inflation, consumer prices (annual %) | Year |
|---|---|---|---|
| 1 | Sudan | 138.81% | 2022 |
| 2 | Zimbabwe | 104.70% | 2022 |
| 3 | Ghana | 31.26% | 2022 |
| 4 | Sierra Leone | 27.21% | 2022 |
| 5 | Ethiopia | 26.84% | 2021 |
| 6 | Angola | 25.75% | 2021 |
| 7 | Liberia | 23.56% | 2018 |
| 8 | Malawi | 20.95% | 2022 |
| 9 | Nigeria | 18.85% | 2022 |
| 10 | Burundi | 18.80% | 2022 |
Comparison with Countries in the Lower middle income Group.
Among countries in the same World Bank Lower middle income (LMI) group, Nigeria comes in 11th with 18.847% inflation, consumer prices (annual %).
- Within the same income group, Lebanon comes in 1st with 154.756%, inflation, consumer prices (annual %).
- Zimbabwe comes in 2nd with 104.705%.
- Sri Lanka comes in 3rd with 49.721%.
- Iran, Islamic Rep. comes in 4th with 43.389%.
- Haiti comes in 5th with 33.984%.
- Ghana comes in 6th with 31.256%.
- Angola comes in 7th with 25.754%.
- Lao PDR comes in 8th with 22.956%.
- Ukraine comes in 9th with 20.184%.
- Pakistan comes in 10th with 19.874%.
- Sao Tome and Principe comes in 12th with 18.006%.
- Mongolia comes in 13th with 15.148%.
- Kyrgyz Republic comes in 14th with 13.923%.
- Egypt, Arab Rep. comes in 15th with 13.896%.
- Uzbekistan comes in 16th with 11.447%.
- Zambia comes in 17th with 10.993%.
- Samoa comes in 18th with 10.962%.
- Guinea comes in 19th with 10.493%.
- Nicaragua comes in 20th with 10.467%.
- And Senegal comes in 21st with 9.697%, inflation, consumer prices (annual %).
Inflation, consumer prices (annual %), Top 14 Countries in the Lower middle income Group.
Top 14 Countries in the Lower middle income Group.
| # | Country | Inflation, consumer prices (annual %) | Year |
|---|---|---|---|
| 1 | Lebanon | 154.756% | 2021 |
| 2 | Zimbabwe | 104.705% | 2022 |
| 3 | Sri Lanka | 49.721% | 2022 |
| 4 | Iran, Islamic Rep. | 43.389% | 2021 |
| 5 | Haiti | 33.984% | 2022 |
| 6 | Ghana | 31.256% | 2022 |
| 7 | Angola | 25.754% | 2021 |
| 8 | Lao PDR | 22.956% | 2022 |
| 9 | Ukraine | 20.184% | 2022 |
| 10 | Pakistan | 19.874% | 2022 |
| 11 | Nigeria | 18.847% | 2022 |
| 12 | Sao Tome and Principe | 18.006% | 2022 |
| 13 | Mongolia | 15.148% | 2022 |
| 14 | Kyrgyz Republic | 13.923% | 2022 |