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In August 2023, the Consumer Price Index in Nigeria stood at 593.6 points, which was a significant increase compared to 471.8 points in August 2022. Generally, inflation in the country has been constantly increasing in the last months. In fact, Nigeria ranks as one of the countries with the highest inflation rate worldwide.
Consumer price index is a measure that examines the changes in the purchasing power of a currency. It measures changes in the price level of a market basket of consumer goods and services purchased by households. The movement of the Consumer Price Index is the main measure for inflation rates.
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Monthly Consumer Price Index (CPI) in Nigeria from January 2019 to August 2023
Characteristic
Index, 2009=100
Aug 2023
593.6
Jul 2023
575.3
Jun 2023
559.1
May 2023
547.5
Apr 2023
537
Mar 2023
527
Feb 2023
517.4
Jan 2023
508.7
Dec 2022
499.4
Nov 2022
490.9
Oct 2022
484.2
Sep 2022
478.2
Aug 2022
471.8
250300350400450500550600650
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NBS (Nigeria). (September 15, 2023). Monthly Consumer Price Index (CPI) in Nigeria from January 2019 to August 2023 [Graph]. In Statista. Retrieved November 30, 2025, from https://www.statista.com/statistics/1118891/monthly-consumer-price-index-in-nigeria/
NBS (Nigeria). "Monthly Consumer Price Index (CPI) in Nigeria from January 2019 to August 2023." Chart. September 15, 2023. Statista. Accessed November 30, 2025. https://www.statista.com/statistics/1118891/monthly-consumer-price-index-in-nigeria/
NBS (Nigeria). (2023). Monthly Consumer Price Index (CPI) in Nigeria from January 2019 to August 2023. Statista. Statista Inc.. Accessed: November 30, 2025. https://www.statista.com/statistics/1118891/monthly-consumer-price-index-in-nigeria/
NBS (Nigeria). "Monthly Consumer Price Index (Cpi) in Nigeria from January 2019 to August 2023." Statista, Statista Inc., 15 Sep 2023, https://www.statista.com/statistics/1118891/monthly-consumer-price-index-in-nigeria/
NBS (Nigeria), Monthly Consumer Price Index (CPI) in Nigeria from January 2019 to August 2023 Statista, https://www.statista.com/statistics/1118891/monthly-consumer-price-index-in-nigeria/ (last visited November 30, 2025)
Monthly Consumer Price Index (CPI) in Nigeria from January 2019 to August 2023 [Graph], NBS (Nigeria), September 15, 2023. [Online]. Available: https://www.statista.com/statistics/1118891/monthly-consumer-price-index-in-nigeria/
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