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Consumer Price Index and Inflation
CPI

Nigeria
Reference ID
NGA-NBS-CPI
Abstract
In Nigeria, the National Bureau of Statistics (NBS) recently rebased the CPI to replace outgoing reference periods (2009). Rebasing aligns the price and weight reference periods with the current economic environment, ensuring methodological accuracy, updating the composition of the goods and services basket, revising item weights, and incorporating necessary improvements. Since consumption patterns evolve, the CPI basket is updated regularly, including the addition of new items. The weight reference period is now 2023, and the price reference period (Base year) is 2024. The updated CPI covers 934 product varieties classified into 13 divisions under the COICOP 2018 framework. The CPI framework includes indices such as the Urban National Index, Rural National Index, Headline Index, Food Index, Core Index, Imported Food Index, Goods Index, Services Index, Energy Index, All Items Less Farm Produce Index, and Farm Produce Index. This system ensures accurate price tracking across different sectors and regions, supporting economic analysis and policy formulation.
Collections
NATIONAL ECONOMY
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Created on
Dec 16, 2024
Last modified
Apr 15, 2025
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915149
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Description

Title
Consumer Price Index and Inflation
subtitle
CPI
Resource type
collection
Publication frequency
Monthly
Abstract
In Nigeria, the National Bureau of Statistics (NBS) recently rebased the CPI to replace outgoing reference periods (2009). Rebasing aligns the price and weight reference periods with the current economic environment, ensuring methodological accuracy, updating the composition of the goods and services basket, revising item weights, and incorporating necessary improvements.
Since consumption patterns evolve, the CPI basket is updated regularly, including the addition of new items. The weight reference period is now 2023, and the price reference period (Base year) is 2024. The updated CPI covers 934 product varieties classified into 13 divisions under the COICOP 2018 framework.
The CPI framework includes indices such as the Urban National Index, Rural National Index, Headline Index, Food Index, Core Index, Imported Food Index, Goods Index, Services Index, Energy Index, All Items Less Farm Produce Index, and Farm Produce Index. This system ensures accurate price tracking across different sectors and regions, supporting economic analysis and policy formulation.
Identifier
NGA-NBS-CPI
Downloads
April 2025 CPI Report Document, PDF [application/pdf]
The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month. In April 2025, the Headline inflation rate eased to 23.71% relative to the March 2025 headline inflation rate of 24.23%. Looking at the movement, the April 2025 Headline inflation rate showed a decrease of 0.52% compared to the March 2025 Headline inflation rate.
On a year-on-year basis, the Headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69%). This shows that the Headline inflation rate (year-on-year basis) decreased in April 2025 compared to the same month in the preceding year (i.e., April 2024), though with a different base year, November 2009 = 100.
Furthermore, on a month-on-month basis, the Headline inflation rate in April 2025 was 1.86%, which was 2.04% lower than the rate recorded in March 2025 (3.90%). This means that in April 2025, the rate of increase in the average price level is lower than the rate of increase in the average price level in March 2025.
April 2025 CPI Tables Document, Microsoft Excel [application/msexcel]
December 2024 CPI Report Document, PDF [application/pdf]
December 2024 CPI Tables Document, Microsoft Excel [application/msexcel]
February 2025 CPI Report Document, PDF [application/pdf]
February 2025 CPI Tables Document, Microsoft Excel [application/msexcel]
Highlights of 2024 CPI Rebasing Results Document, PDF [application/pdf]
March 2025 CPI Report Document, PDF [application/pdf]
March 2025 CPI Tables Document, Microsoft Excel [application/msexcel]
November 2024 CPI Report Document, PDF [application/pdf]
November 2024 CPI Tables Document, Microsoft Excel [application/msexcel]

Scope and coverage

Reference country
Country name Country code
Nigeria NGA
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