Release alerts
Get NGN Inflation Rate (CPI/HICP) alerts
Enter an email. We will notify you when the next official-source NGN Inflation Rate (CPI/HICP) release is published.
Nigeria Inflation Rate (CPI/HICP)
Nigeria's headline Consumer Price Index (CPI) measures the monthly change in the price level of a representative basket of consumer goods and services. It is the primary inflation measure monitored by the Central Bank of Nigeria.
- Latest
- --
- Reference date
- --
- Previous
- --
- Change
- --
Why Inflation Rate (CPI/HICP) matters for NGN
Central banks, including the Central Bank of Nigeria, set policy rates in response to inflation. An above-target CPI print increases the probability of a rate hike, which is typically ngn-positive, while below-target inflation raises rate-cut odds and can weaken the currency.
How to interpret this series
An inflation reading above consensus or above the Central Bank of Nigeria's target band is hawkish and supports the ngn. A downside surprise is dovish and tends to weigh on the currency, particularly when inflation has been trending lower for several months.
Historical Inflation Rate (CPI/HICP)
Source: CBN. Cadence: Monthly. Unit: %YoY. Coverage metadata updating.
Recent announcements
Each release gets a durable child page so data, forecast, previous value, and raw fields can be cited directly.
Related Nigeria indicators
Move to adjacent releases in the same macro category.
Business Confidence
Survey-based measure of business executives' outlook on economic conditions, production, and investment plans.
Consumer Confidence
Survey-based measure of consumers' confidence in economic conditions, employment prospects, and personal finances.
Core Inflation
CPI excluding volatile items like food and energy.
Current Account Balance
Measures trade in goods and services and income flows.
Gross Domestic Product (GDP) Growth
GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.
Producer Price Index (PPI)
Measures the average change over time in the selling prices received by domestic producers for their output.
Retail Sales
Measures change in the total value of sales at the retail level.
Trade Balance
The difference between the value of a country's exports and imports.
Trade-Weighted Index (NEER)
Nominal Effective Exchange Rate (NEER) measuring the value of a currency relative to a basket of trading partners' currencies, weighted by trade volumes. Published monthly by the BIS.
Common questions
Editorial context for readers and AI agents using this page as a cited country indicator source.
What is the Central Bank of Nigeria's inflation target?
Most major central banks target annual inflation near 2%. Check the Central Bank of Nigeria's current monetary policy statement for the official target.
How is headline CPI different from core CPI?
Headline CPI includes all items, notably food and energy, which are volatile. Core CPI strips these out to give a cleaner read of underlying price pressure.
Which currency endpoint serves Nigeria CPI data?
Historical CPI data for Nigeria is available at /api/v1/announcements/ngn/inflation.