Top 15 inflation rates in the world; Nigeria ranks 13th globally, with an inflation rate of 31.7%

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Inflation in Africa’s largest economies as of October 2024

Inflation levels across Africa's largest economies range from low and stable in Morocco to high and concerning in Nigeria. Egypt and Nigeria have seen inflation rise to record levels, driven partly by currency devaluations in both countries. Nigeria has not only fallen from its top spot as the continent's largest economy, but it now holds the spot for the highest inflation rate amongst the top ten economies by GDP.

Inflation rate: Nigeria ranked 9th out of 184 countries and territories as of September 2024

Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked. Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.

Nigeria: Cooking gas prices hit record high in 2024, 3.7x the price in 2016

The average price of cooking gas in Nigeria has increased significantly, from ₦370 per kg in early 2016 to ₦1,390 per kg in June 2024. After prices peaked at nearly ₦1,500 in May 2024, they fell by 6.1% in June. The contributing factors to the increase include global energy fluctuations, naira depreciation, supply chain disruptions, and changes in domestic policies. Here are the average prices of cooking gas in Nigeria since 2016.

Nigeria: The price of tomatoes has surged by 321% in one year, as have other food items

Food prices have continued to increase as Nigeria's headline inflation hit 34.19% in June 2024, one of the highest globally.

NBS's monthly survey for the average prices of selected food items in Nigeria as of June 2024 shows that tomatoes have gone up by 321%, yam by 296%, and staples — beans, rice, and plantain — have also seen significant increases. These are the top ten food items most hit by inflation in Nigeria in the past twelve months.

Nigeria: The price of diesel has risen by 84% in 12 months

Rising fuel costs are impacting transportation prices of goods and services, straining household budgets and contributing to inflation. The average cost of petrol in Nigeria has increased by 25% since July 2023. Diesel prices have seen an even sharper increase of 85%, rising from a national average of ₦794 in July 2023 to ₦1,462 in June 2024.

Nigeria: Cost of cooking gas increases by 55%, but remains the cheapest on average in the northern regions

The cost of cooking gas nationwide increased from an average of ₦10.3k in March 2023 to nearly ₦16k in March 2024. However, the northern regions had the most affordable prices. The North East had the lowest average price of ₦14.9k for a 12.5kg cylinder. In Katsina, the average price for 12.5kg of cooking gas was ₦12,400 as of March 2024, the lowest in the country.