Nigeria Inflation Rate

Last Release

May 31, 2025

Actual

22.97

Units In

23.71

Frequency

Monthly

Next Release

Jul 15, 2025

Time to Release

28 Days 4 Hours

Highest	Lowest	Average	Date Range	Source
47.56 Jan 1996	-2.49 Jan 2000	14.1 %	1996-2025	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 eased for the second month to 22.97% in May 2025, from 23.71% in the prior month. This slowdown is largely a technical adjustment, supported by favorable base effects and a slight strengthening of the naira, which has helped cap the import costs. Food inflation, the largest component of the inflation basket, remained elevated but continued to decelerate to 21.14% in May from 21.26% in the month before. On a monthly basis, consumer prices rose 1.53% in May, slowing from 1.86% in the prior month.