Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Prices and inflation in Nigeria - statistics & facts
In 2023, Nigeria recorded one of the highest inflation rates in the world at around 25 percent. Higher inflation rates are typically more present in emerging economies. There are several reasons for this. Emerging economies are likely to grow faster, leading to an increase in demand for goods and services. However, when the demand increases but the supply stays the same, prices often increase, leading to inflation. Another factor that plays a role is the lack of a well-established monetary policy. This can turn into manipulation of the currency in order to achieve short-term goals, for instance, to decrease the cost of exports. In addition, the excess of money printing presses the currency downward and pushes inflation higher.
