Consumer Price Index
JUNE 2023
(BASE PERIOD NOVEMBER 2009 = 100)
Report Date: July 2023
CONTENT
Brief Methodology ——————————————————————————————3
All Item Index ————————————————————————————————7
Food Index ———————————————————————————————— 13
All Items Less Farm Produce ————————————————————————— 15
State Profile ————————————————————————————————–16
Appendix ————————————————————————————————---- 19
Contact ——————————————————————————————————- 20
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BRIEF METHODOLOGY
The CPI measures the average change over time in the prices of goods and services con-
sumed 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 oc-
curs to capture the importance of the selected commodities in the entire index. The pro-
duction of the CPI requires the skills of economists, statisticians, computer scientists, data
collectors, and others.
Key in the construction of the price index is the selection of the market basket of goods
and services. Every month, 10,534 informants spread across the country provide price data
for the computation of the CPI. The market items currently comprise 740 goods and ser-
vices regularly priced. The first stage in the calculation of the CPI is the collection of prices
on each item (740 goods and services) from outlets in each sector (rural or urban) for each
state. Prices are then averaged for each item per sector across the state. The next step is to
use the average price to calculate the basic index for each commodity: The current year
price of each commodity is compared with a base year's price to obtain a relative price.
Next, we use the Laspeyres formula to compute an aggregated index for each class (which
has a multitude of commodities that have similar consumption purposes): Here the sum of
the product of weights (obtained from the expenditure survey) and relative prices for each
item is divided by the sum of the weight of the items in that class, and the result multiplied
by 100 gives the required index number. This index number is still classified according to
the urban and rural sectors for each of the 36 states
and the FCT. This yields 85 classes then 48 groups which are then reclassified into 12 Divi-
sions to derive:
1. The Country Composite Index
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2. The Urban National Index
3. The Rural National Index
4. The Combined Urban and Rural State Composite Index
The survey methodology generates 3774 all-items indices for all states and the FCT.
This edition of the Statistical News contains the revised Consumer Price Index (CPI) based on
Nigeria Living Standard Survey (NLSS) 2003/2004. The consumption expenditure data were
re-valued to November 2009, which is the base period for the revised CPI.
The May 2003 and September 1985-based indices are being continued using factors derived
from the new CPI. These indices will yield the same price change for any commodity group
contained in all the series.
A new sub-index Imported Food Index- is available in the revised CPI.
Note: The urban and rural indices were weighted with the ratio of their populations to the
national i.e., 0.455 and 0.545 respectively to compute the composite indices at the 12 Classi-
fication of Individual Consumption by Purpose (COICOP) functions and all-items levels. This
may cause a variance between a recalculated all items index using the weights and the All-
Items index published because the weights were computed only from the consumption ex-
penditure survey result.
The following breakdown highlights a non-exhaustive list of the components of the current CPI:
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ALL ITEMS INDEX
In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline infla-
tion rate which was 22.41%. Looking at the movement, the June 2023 Headline inflation rate
showed an increase of 0.38% points when compared to May 2023 headline inflation rate.
On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the
rate recorded in June 2022, which was 18.60%. This shows that the Headline inflation rate
(year-on-year basis) increased in June 2023 when compared to the same month in the pre-
ceding year (i.e., June 2022).
The contributions of items on the divisional level to the increase in the Headline index are
presented below:
Divisional Level Contribution YoY (%)
Food & Non-Alcoholic Beverages 11.81
Housing Water, Electricity. Gas & Other Fuel 3.81
Clothing & Footwear 1.74
Transport 1.48
Furnishings & Household Equipment & Maintenance. 1.15
Education 0.90
Health. 0.68
Miscellaneous Goods & Services 0.38
Restaurant & Hotels 0.28
Alcoholic Beverage, Tobacco & Kola 0.25
Recreation & Culture. 0.16
Communication 0.15
On a month-on-month basis, the Headline inflation rate in June 2023 was 2.13%, this was
0.19% points higher than the rate recorded in May 2023 (1.94%). This means that in June
2023, on average, the general price level was 0.19% higher relative to May 2023.
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The percentage change in the average CPI for the twelve months period ending June 2023
over the average of the CPI for the previous twelve months period was 21.54%, showing a
5.00% increase compared to 16.54% recorded in June 2022.
URBAN INFLATION
On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33%, this was 5.23%
points higher compared to the 19.09% recorded in June 2022. On a month-on-month basis,
the Urban inflation rate was 2.31% in June 2023, which was 0.21% points higher compared to
May 2023 (2.09%). The corresponding twelve month average for the Urban inflation rate was
22.38% in June 2023. This was 5.30% points higher compared to the 17.09% reported in June
2022.
RURAL INFLATION
The Rural inflation rate in June 2023 was 21.37% on a year-on-year basis; this was 3.25%
points higher compared to the 18.13% recorded in June 2022. On a month-on-month basis,
the Rural inflation rate in June 2023 was 1.96%, up by 0.16% points compared to May 2023
(1.80%). The corresponding twelve months average for the Rural inflation rate in June 2023
was 20.76%. This was 4.75% points higher compared to the 16.02% recorded in June 2022.
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FOOD INDEX
The Food inflation rate in June 2023 was 25.25% on a year-on-year basis; this was 4.65%
points higher relative to the rate recorded in June 2022 (20.60%). The rise in Food infla-
tion on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and
cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and
Eggs.
On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, this was
0.21% points higher compared to the rate recorded in May 2023 (2.19%).
The average annual rate of Food inflation for the twelve months ending June 2023 over
the previous twelve month average was 24.03%, this was 5.41% points increase from the
average annual rate of change recorded in June 2022 (18.62%).
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ALL ITEMS LESS FARM PRODUCE
The “All items less farm produce” or Core inflation, which excludes the prices of volatile ag-
ricultural produce stood at 20.27% in June 2023 on a year-on-year basis; up by 4.53% when
compared to the 15.75% recorded in June 2022. The highest increases were recorded in
prices of Passenger Transport by Air, Gas, Vehicles Spare Parts, Liquid Fuel, Fuels and Lubri-
cants for Personal Transport Equipment, Medical Services, Passenger Transport by Road etc.
On a month-on-month basis, the Core Inflation rate was 1.74% in June 2023. It stood at
1.81% in May 2023, down by 0.07%. The average twelve months annual inflation rate was
18.71% for the twelve months ending June 2023; this was 4.65% points higher than the
14.06% recorded in June 2022.
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STATE PROFILES
In analysing price movements under this section, it should be noted that CPI is weighted
by consumption expenditure patterns which differ across States and locations. According-
ly, the weight assigned to a particular Food or Non-Food item may differ from State to
State making interstate comparisons of consumption basket inadvisable and potentially
misleading.
All Items Inflation
In June 2023, all items inflation rate on a year-on-year basis was highest in Lagos (25.75%),
Ondo (25.40%), Kogi (25.23%), while Borno (20.44%), Zamfara (20.93%) and Ekiti (21.06%)
recorded the slowest rise in headline inflation on a year-on-year basis. On a month-on-
month basis, however, June 2023 recorded the highest increases in Ogun (3.21%), Plateau
(3.05%), Jigawa (3.00%), while Zamfara (1.40%), Delta (1.42%) and Rivers (1.54%) recorded
the slowest rise on month-on-month inflation.
Food Inflation
In June 2023, Food inflation on a year-on-year basis was highest in Kwara (30.80%), Lagos
(30.37%), and Kogi (29.71%), while Zamfara (21.38%), Sokoto (21.60%) and Borno (21.75%)
recorded the slowest rise in Food inflation on a year-on-year basis. On a month-on-month
basis, however, June 2023 Food inflation was highest in Kwara (3.82%), Abuja (3.64%), and
Ogun (3.56%), while Rivers (0.75%), Zamfara (1.33%) and Adamawa (1.47%) recorded the
slowest rise in Food inflation on a month-on-month basis.
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APPENDIX
Table 5 Combined Urban And Rural State Consumer Price Index (Base Period: November 2009 = 100)
Jun-22 May-23 Jun-23 MoM YoY
State Food All Items Food All Items Food All Items Food All Items Food All Items
Abia 529.0 457.3 648.2 548.6 667.1 563.1 2.92 2.64 26.10 23.14
Abuja 525.8 439.9 645.2 533.5 668.6 546.1 3.64 2.35 27.18 24.14
Adamawa 521.1 436.3 633.4 528.7 642.7 538.4 1.47 1.83 23.33 23.42
Akwa Ibom 540.2 455.1 662.6 550.8 680.3 563.4 2.67 2.28 25.93 23.78
Anambra 525.3 466.2 641.1 568.0 655.7 579.0 2.27 1.95 24.81 24.19
Bauchi 466.2 536.7 568.0 645.7 579.0 659.6 1.95 2.15 24.19 22.89
Bayelsa 546.2 463.2 682.0 565.4 695.9 576.3 2.03 1.93 27.41 24.42
Benue 535.4 453.7 658.0 544.6 674.6 554.6 2.52 1.83 26.00 22.25
Borno 529.0 431.3 633.9 510.1 644.1 519.4 1.60 1.84 21.75 20.44
Cross River 547.1 424.0 676.6 507.7 692.8 518.6 2.39 2.15 26.64 22.31
Delta 539.3 427.9 679.0 524.0 693.3 531.4 2.11 1.42 28.56 24.21
Ebonyi 564.3 474.2 691.4 575.5 708.8 586.0 2.52 1.82 25.62 23.58
Edo 539.3 467.6 675.1 565.9 688.8 576.9 2.03 1.93 27.72 23.37
Ekiti 545.0 425.6 673.5 504.9 693.4 515.3 2.95 2.06 27.22 21.06
Enugu 545.2 430.6 666.6 517.3 685.8 528.6 2.88 2.19 25.80 22.75
Gombe 531.4 462.0 641.6 555.3 652.9 564.2 1.77 1.59 22.87 22.13
Imo 539.4 412.9 674.2 493.9 690.7 506.6 2.45 2.58 28.04 22.68
Jigawa 508.5 454.7 611.4 543.6 630.8 559.9 3.17 3.00 24.06 23.14
Kaduna 531.6 471.9 644.7 567.5 659.7 578.8 2.33 2.00 24.11 22.66
Kano 538.7 472.2 643.1 562.0 660.6 575.6 2.72 2.41 22.63 21.91
Katsina 510.2 412.3 620.9 495.5 633.9 505.6 2.10 2.04 24.24 22.61
Kebbi 540.0 488.8 650.1 586.2 668.0 600.8 2.75 2.50 23.70 22.91
Kogi 602.7 517.0 761.2 632.8 781.8 647.5 2.71 2.31 29.71 25.23
Kwara 577.6 531.9 727.7 628.9 755.5 644.1 3.82 2.41 30.80 21.10
Lagos 555.8 475.1 703.7 581.7 724.6 597.4 2.97 2.71 30.37 25.75
Nassarawa 529.5 464.4 637.4 551.7 654.4 563.9 2.67 2.21 23.58 21.43
Niger 532.6 469.9 638.1 564.7 655.1 574.5 2.68 1.73 23.01 22.26
Ogun 546.8 483.0 674.6 581.6 698.6 600.3 3.56 3.21 27.76 24.29
Ondo 547.0 473.1 690.0 579.9 706.5 593.2 2.39 2.30 29.17 25.40
Osun 531.8 449.5 656.5 543.9 671.3 553.9 2.25 1.83 26.24 23.22
Oyo 541.6 481.2 666.7 585.6 683.5 598.8 2.51 2.26 26.20 24.43
Plateau 533.9 471.3 638.5 556.9 658.5 573.9 3.13 3.05 23.33 21.78
Rivers 546.6 460.8 686.2 563.1 691.4 571.7 0.75 1.54 26.48 24.06
Sokoto 529.3 458.4 628.6 543.8 643.6 555.0 2.38 2.05 21.60 21.06
Taraba 531.2 447.2 638.3 529.3 655.6 542.8 2.72 2.55 23.43 21.38
Yobe 530.2 468.5 642.4 564.6 663.3 578.2 3.26 2.41 25.12 23.43
Zamfara 531.9 470.5 637.2 561.2 645.6 569.0 1.33 1.40 21.38 20.93
Note: Indices may not be used for inter-state price comparison because market baskets differ from state to state
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CONTACT
@nbsnigeria NBSNigeria Nbs_nigeria
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