Consumer Prices: All Items for Nigeria
NGAPCPIPCPPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.99
Year-over-Year Change
359.44%
Date Range
1/1/2000 - 1/1/2026
Summary
The 'Consumer Prices: All Items for Nigeria' trend measures the overall change in consumer prices for goods and services in Nigeria. This key economic indicator is crucial for understanding inflation and the purchasing power of consumers.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series tracks the Consumer Price Index (CPI), which is a widely used measure of inflation. The CPI basket represents the typical consumption of Nigerian households and is used to assess changes in the cost of living over time.
Methodology
The data is collected through surveys of consumer expenditures and prices by Nigeria's National Bureau of Statistics.
Historical Context
The CPI is a vital metric for policymakers, businesses, and consumers in evaluating economic conditions and informing decisions.
Key Facts
- Nigeria's CPI has increased by over 15% annually in recent years.
- Food and non-alcoholic beverages account for nearly 60% of the CPI basket.
- The CPI is a key input for Nigeria's monetary policy decisions.
FAQs
Q: What does this economic trend measure?
A: The 'Consumer Prices: All Items for Nigeria' trend measures the overall change in consumer prices for goods and services purchased by Nigerian households.
Q: Why is this trend relevant for users or analysts?
A: This CPI trend is a crucial indicator of inflation and the purchasing power of consumers in Nigeria, making it highly relevant for policymakers, businesses, and the general public.
Q: How is this data collected or calculated?
A: The data is collected through surveys of consumer expenditures and prices by Nigeria's National Bureau of Statistics.
Q: How is this trend used in economic policy?
A: The CPI is a key input for Nigeria's monetary policy decisions, as it helps the central bank assess and manage inflationary pressures in the economy.
Q: Are there update delays or limitations?
A: The CPI data for Nigeria is published monthly with a typical lag of 2-3 weeks, providing timely information on price changes.
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Citation
U.S. Federal Reserve, Consumer Prices: All Items for Nigeria (NGAPCPIPCPPPT), retrieved from FRED.