Nigeria Inflation Rate

Last Release

Mar 31, 2025

Actual

24.23

Units In

23.18

Frequency

Monthly

Next Release

May 15, 2025

Time to Release

28 Days 14 Hours

Highest	Lowest	Average	Date Range	Source
47.56 Jan 1996	-2.49 Jan 2000	14.05 %	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 rose slightly to 24.23% in March 2025, from 23.18% in the prior month, which was the softest since June 2023. Food inflation, the largest component of the inflation basket, remained elevated but eased to 21.79% from 23.51% in the prior month. The core inflation, which excludes the prices of volatile agricultural products and energy quickened to 24.43%, from 23.01% in the previous month. On a monthly basis, consumer prices rose by 3.90% in March, accelerating from 2.04% in February.