Average inflation measured by CPI reached 11.4 % in 2019 in Nigeria, according to the National Statistical Office. This is 5.76 % less than in the previous year.
Historically, average inflation measured by CPI in Nigeria reached an all time high of 72.8 % in 1995 and an all time low of -3.73 % in 1967. When compared to Nigeria's main peers, average inflation measured by CPI in Benin amounted to -0.933 %, 2.45 % in Cameroon, -0.972 % in Chad and -2.52 % in Niger in 2019.
Nigeria has been ranked 15th within the group of 175 countries we follow in terms of average inflation measured by CPI, 1 places behind 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.