Inflation, CPI (Average) rose to 12.4% in Nigeria in 2018

Inflation, CPI (Average) (%)
Economy | Nigeria | February 01, 2019
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Average inflation measured by CPI reached 12.4 % in 2018 in Nigeria, according to the National Statistical Office. This is 7407 % more than in the previous year.

Historically, average inflation measured by CPI in Nigeria reached an all time high of 12.4 % in 2018 and an all time low of -0.037 % in 1967. When compared to Nigeria's main peers, average inflation measured by CPI in Benin amounted to 2.30 %, 0.992 % in Cameroon, 2.12 % in Chad and 3.90 % in Niger in 2018.

Nigeria has been ranked 17th within the group of 174 countries we follow in terms of average inflation measured by CPI, 48 places above the position seen 10 years ago.

Inflation as measured by the consumer price index (CPI) 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.

Inflation, CPI (Average) Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023
Algeria % 0.056% 6.50% 6.70% 6.00% 7.90%
Benin % < 0.001% 2.30% 2.30% 2.20% 2.20%
Burkina Faso % 0.004% 2.00% 2.00% 2.00% 2.00%
Cameroon % 0.006% 0.992% 1.09% 2.00% 2.00%
Central African Republic % 4.10% 4.02% 3.40% 3.16% 3.02%
Chad % -0.916% 2.12% 2.56% 2.96% 3.00%
Gabon % 2.65% 2.80% 2.50% 2.50% 2.54%
Libya % 28.5% 28.1% 17.9% 13.4% 13.4%
Mali % 0.018% 2.47% 2.08% 2.14% 2.19%
Niger % 0.024% 3.90% 2.00% 2.00% 2.00%
Nigeria % 0.165% 12.4% 13.5% 13.0% 14.3%
Sudan % 32.4% 61.8% 49.2% 57.9% 58.9%
Togo % -0.008% 0.401% 1.20% 2.00% 2.00%