Inflation Rate (CPI): Nigeria

Analysis# Nigeria Inflation Rate (CPI) Nigeria's inflation rate stands at 22% in 2026, down sharply from its all-time peak of 31.4% in 2024 but well above the country's historic low of 5.4% in 2007. Since 1996, the inflation rate has declined 24.9 percentage points overall, though the trajectory has been volatile rather than linear. The current rate reflects a correction from the severe inflation spike that characterized 2023–2024. The period from 2019 to 2024 marked a dramatic deterioration, with inflation climbing from 11.4% to 31.4% over five years. A notable reversal began in 2025, when the rate dropped to 23%, continuing downward to 22% in 2026. If this deceleration pattern holds, Nigeria's inflation trajectory suggests a gradual return toward more moderate levels, though current readings remain elevated by historical standards.