According to definition of the National Bureau of Statistics, the Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for day-to-day living. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy. The weighting occurs to capture the importance of the selected commodities in the entire index. The production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.
The percentage difference between the CPI of one month in a preceding year over the CPI of the same month in the current year is known as Inflation Rate. Inflation is thus the change in prices of goods and services over a period of time.
This table contains the rate of inflation for Nigeria from 2006 to 2016 and will be updated every month.
Inflation Rate
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.