Annual Inflation Rate of Nigeria
Updated on May 15, 2023.
The annual inflation rate of Nigeria as measured by the consumer prices index was 16.95% in 2021, a difference of +3.7% (27.93% increase) from 2020, according to recent data from the World Bank.
The World Bank defines inflation measured by the consumer price index as "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".
The chart and table below shows the Inflation of Nigeria for 1960 - 2021.
Data Source: World Bank.
Annual Inflation Rate of Nigeria (%)
Table of Annual Inflation Rate of Nigeria
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| Year | Inflation (%) |
|---|---|
| 1960 | 5.44 |
| 1961 | 6.28 |
| 1962 | 5.27 |
| 1963 | -2.69 |
| 1964 | 0.86 |
| 1965 | 4.10 |
| 1966 | 9.69 |
| 1967 | -3.73 |
| 1968 | -0.48 |
| 1969 | 10.16 |
| 1970 | 13.76 |
| 1971 | 16.00 |
| 1972 | 3.46 |
| 1973 | 5.40 |
| 1974 | 12.67 |
| 1975 | 33.96 |
| 1976 | 24.30 |
| 1977 | 15.09 |
| 1978 | 21.71 |
| 1979 | 11.71 |
| 1980 | 9.97 |
| 1981 | 20.81 |
| 1982 | 7.70 |
| 1983 | 23.21 |
| 1984 | 17.82 |
| 1985 | 7.44 |
| 1986 | 5.72 |
| 1987 | 11.29 |
| 1988 | 54.51 |
| 1989 | 50.47 |
| 1990 | 7.36 |
| 1991 | 13.01 |
| 1992 | 44.59 |
| 1993 | 57.17 |
| 1994 | 57.03 |
| 1995 | 72.84 |
| 1996 | 29.27 |
| 1997 | 8.53 |
| 1998 | 10.00 |
| 1999 | 6.62 |
| 2000 | 6.93 |
| 2001 | 18.87 |
| 2002 | 12.88 |
| 2003 | 14.03 |
| 2004 | 15.00 |
| 2005 | 17.86 |
| 2006 | 8.23 |
| 2007 | 5.39 |
| 2008 | 11.58 |
| 2009 | 12.54 |
| 2010 | 13.74 |
| 2011 | 10.83 |
| 2012 | 12.22 |
| 2013 | 8.50 |
| 2014 | 8.05 |
| 2015 | 9.01 |
| 2016 | 15.70 |
| 2017 | 16.50 |
| 2018 | 12.10 |
| 2019 | 11.40 |
| 2020 | 13.25 |
| 2021 | 16.95 |