Nigeria Inflation Rate

Last Release

Mar 31, 2024

Actual

33.2

Units In

31.7

Frequency

Monthly

Next Release

May 15, 2024

Time to Release

29 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
47.56 Jan 1996	-2.49 Jan 2000	13.44 %	1996-2024	N/A

In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states. The most important categories in the CPI are Food and Non Alcoholic Beverages (51.8 percent of total weight); Housing, Water, Electricity, Gas and Other Fuel (16.7 percent) and Clothing and Footwear (7.7 percent). Transports account for 6.5 percent of total index and Furnishings and Household Equipment Maintenance for 5 percent. Education represents 3.9 percent of total weight, Health 3 percent, Miscellaneous Goods and Services 1.7 percent and Restaurants and Hotels 1.2 percent. Alcoholic Beverages, Tobacco and Kola account for 1.1 percent of total index, Communications for 0.7 percent and Recreation and Culture for the remaining 0.7 percent.

Latest Updates

Nigeria’s annual inflation rate soared to 33.2%, the highest since March 1996, from 31.7% in the previous month. The higher inflation is mainly driven by the sharp fall in local currency coupled with the removal of fuel subsidy. Food inflation, which accounts for the bulk of Nigeria's inflation basket, continued to climb and hit 40% in March, the highest since August 2005, from 37.9% in the prior month. The annual core inflation rate, which excludes farm produce and energy, jumped to a multi-year high of 25.9% in March. On a monthly basis, consumer prices eased slightly to 3%, down from 3.1% in February.