CONSUMER PRICE INDEX (BASE PERIOD NOVEMBER 2009 = 100)

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1 CONSUMER PRICE INDEX (BASE PERIOD NOVEMBER 2009 = 100) No. 554 MAY 2016

2 StatisticalNews BRIEF METHODOLOGY: The CPI measures the 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 price s 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. 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 of 740 goods and services 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 d for each item according to sector across the state. The next step is to use the 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 which 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 or rural classification sector for each of the 36 states and the FCT. This yields 85 classes then 48 groups which are then reclassified into 12 Divisions to derive: 1. The country composite index 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 contains the revised Consumer Price Index (CPI) based on Nigeria Living Standard Survey (NLSS) 2003/2004. The consumption expenditure data were re-valued to ember 2009, which is the base period for the revised CPI. The 2003 and September 1985 based indices are being continued using factors derived from the new CPI. All of these indices will yield the same price for any commodity group contained in all the series. A new sub index Imported Indexis available in the revised CPI. Note: The urban and rural indices were weighted with the ratio of their populations to the national i.e and respectively to compute the composite indices at the 12 COICOP functions and all items levels. This may cause variance between a recalculated all items index using the

3 StatisticalNews weights published on table 2 and the published all items index because the published weights were computed only from consumption expenditure survey result. The following breakdown highlights a nonexhaustive list of the components of the current CPI: FOOD AND NON ALCOHOLIC BEVERAGES Bread and cereals Meat Fish Milk, cheese and eggs Oils and fats Fruit Vegetables Potatoes, Yam & other tubers products n.e.c Coffee, tea and cocoa Soft drinks ALCOHOLIC BEVERAGES, TOBACCO AND KOLA Spirits Wine Tobacco Narcotics CLOTHING AND FOOTWEAR Clothing materials, other articles of clothing Garments Cleaning, repair and hire of clothing Shoes and other footwear Repair and hire of footwear HOUSING, WATER, ELECTRICITY, GAS Actual and imputed rentals for housing Water supply Miscellaneous services relating to the dwelling Electricity Gas Liquid fuel Solid fuels FURNISHINGS, HOUSEHOLD EQUIPMENT Furniture and furnishings Carpets and other floor coverings Repair of Furniture Household textiles Major household appliances whether electric or not Repair of household appliances

4 StatisticalNews Glassware, tableware and household utensils Non-durable household goods Domestic services and household services HEALTH Pharmaceutical products Medical services Dental services Paramedical services Hospital services TRANSPORT Motor cars Motor cycles Bicycles Vehicle spare parts Fuels and lubricants for personal transportation Maintenance and repair of personal transport Passenger transport by road Passenger transport by air Passenger transport by sea and inland waterways COMMUNICATION Postal services Telephone and telefax equipment Telephone and telefax services RECREATION AND CULTURE Audio-visual, photographic and information processing equipment Photographic development Musical instrument Recreational and sporting services Games of chance EDUCATION Books & stationery RESTAURANTS AND HOTELS Catering services Accommodation services MISCELLANEOUS GOODS AND SERVICES Hairdressing salons and personal grooming establishments Appliances, articles and products for personal care Jewellery, clocks and watches Insurance Other services.

5 ALL ITEMS INDEX In, the Consumer Price Index (CPI) which measures inflation recorded a relatively strong increase for the fourth consecutive month. The Headline index increased by 15.6% (year-on-year), 1.9% points higher from rates recorded in April (13.7%). The increase in rates in relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline index increased at a faster pace in. Year on year, Electricity rates as well as other energy prices continue to manifest as key drivers of the Core component of the CPI. The Core subindex increased by 15.1% in, up by 1.7% points from rates recorded in the previous month. During the month, the highest increases were seen in the Passenger Transport by Road, Liquid Fuel (kerosene), Fuels and Lubricants for Personal Transport Equipment (Premium Motor Spirit) and Vehicle Spare Parts groups. Imported foods as well as a drawdown of inventories across the country continue to push food prices higher. The sub index increased by 14.9% in, up by 1.7% points from rates recorded in April as all major food groups which contribute to the sub-index increased at a faster pace driven by higher food prices in Fish, Bread and Cereals, and Vegetables groups for the second consecutive month. In addition, the Imported sub-index increased by 18.6% in, 2.2% points from rates recorded in April. -on-month, after a brief respite in rates in ch and April, the rates recorded by the Headline Index increased at a faster pace in. The index increased by 2.8%, up by 1.1% points relative to rates recorded in April. It should be noted that the Headline Index is made up of the Core Index COMPOSITION OF THE MAJOR INDEX AND SUB-INDICES All Items = Farm Produce + Core index = Farm Produce + Processed s Core = All Items Farm Produce and Farm Produce items. As. Processed s are included in both the Core and sub-indices, this Implies that these sub-indices are not mutually-exclusive. Year on year, both the Urban and Rural indices recorded marked increases for the fourth consecutive month in. The Urban index rose by roughly 2.1% points from 15.1% to 17.1%, while the Rural Index increased by 1.6% points from 12.8% in April to 14.3% in. On a monthon-month basis both the Urban and Rural indices increased at a faster pace. The Urban index increased by 0.8% points from 2.2% in April to 3.0% in. In addition, the Rural index increased by roughly 1.1% points from 1.4% in April to 2.4% in. The percentage in the composite CPI for the twelvemonth period ending in 2016 over the of the CPI for the previous twelve-month period was 10.7%, higher from 10.2% recorded in April. The corresponding twelvemonth year-on-year percentage for the Urban index increased from 10.5% in April to 11.2% in, while the corresponding Rural index also increased from 9.9% in April to 10.4% in.

6 FOOD INDEX Increased prices of both domestic and imported food products continue to drive food prices higher. The index increased by 14.9% (Year-on-year) during the month of, 1.7% points higher from rates recorded in April. All groups which contribute to the index increased with the highest increase recorded in the Bread and Cereals group which increased from 14.5% in April to 16.6% in. On a month-onmonth basis, the sub-index increased by 1.3% points from 1.3% in April to 2.6% in. On a month-on-month basis, the highest price increases were recorded in the Bread and Cereals; Vegetables, and Sugar, Jam, Honey, Chocolate and Confectionery groups. The annual rate of of the sub-index for the twelve-month period ending in 2016 over the previous twelve month was 11.2%, 0.4% points from the annual rate of recorded in April. ALL ITEMS LESS FARM PRODUCE The All items less Farm Produce or Core sub-index increased by 1.7% points from 13.4% in April to 15.1% in. All key divisions which contribute to the index increased at a faster pace during the month, reflecting a general increase in price levels across the consumer basket. On a month-on-month basis, after slowing for two consecutive months, the pace of increases recorded by the Core Index picked up in. The index increased by 2.7%, 1.0% points from rates recorded in April. In, on a month-on-month basis, the highest price increases were recorded Electricity, Fuels and Lubricants for Personal Transport Equipment, and Furniture and furnishings groups amongst others. The twelve month annual rate of rise of the index was recorded at 10.2% for the twelve-month period ending in 2016, roughly 0.6% points higher from the twelve month rate of recorded in April (9.1%).

7 News Statistical Price Statistics 14 JUNE 2016

8 News Statistical Price Statistics 14 JUNE 2016

9 News Statistical Price Statistics 14 JUNE 2016

10 News Statistical For enquiries relating to this CPI report, please contact: and Follow us on and online at Price Statistics 14 JUNE 2016

11 Table 1 Composite Consumer Price Index (Base ember 2009 = 100) All Items Index (Farm Produce + All Items Less Farm Produce) ly Average on Year-on ly All Items less Farm Produce (includes Processed ) on Yearon (Farm Produce + Processed ) ly on Yearon Weights** Jan Feb Apr June y Aug Sep Oct Dec Jan Feb Apr

12 Table 1 Composite Consumer Price Index (Base ember 2009 = 100) All Items Index (Farm Produce + All Items Less Farm Produce) ly Average on Year-on ly All Items less Farm Produce (includes Processed ) on Yearon (Farm Produce + Processed ) ly on Yearon Weights** Jun Aug Sep Oct Dec Jan Feb Apr Jun Aug

13 Table 1 Composite Consumer Price Index (Base ember 2009 = 100) All Items Index (Farm Produce + All Items Less Farm Produce) ly Average on Year-on ly All Items less Farm Produce (includes Processed ) on Yearon (Farm Produce + Processed ) ly on Yearon Weights** Sep Oct Dec Jan Feb Apr Jun Aug Sep Oct

14 Table 1 Composite Consumer Price Index (Base ember 2009 = 100) All Items Index (Farm Produce + All Items Less Farm Produce) ly Average on Year-on ly All Items less Farm Produce (includes Processed ) on Yearon (Farm Produce + Processed ) ly on Yearon Weights** Dec Jan Feb Apr Jun Aug Sep Oct Dec Jan Feb Apr

15 Table 1 Composite Consumer Price Index (Base ember 2009 = 100) All Items Index (Farm Produce + All Items Less Farm Produce) ly Average on Year-on ly All Items less Farm Produce (includes Processed ) on Yearon (Farm Produce + Processed ) ly on Yearon Weights** Jun Aug Sep Oct Dec Jan Feb Apr June y Aug Sep Oct Dec Jan

16 Table 1 Composite Consumer Price Index (Base ember 2009 = 100) All Items Index (Farm Produce + All Items Less Farm Produce) ly Average on Year-on ly All Items less Farm Produce (includes Processed ) on Yearon (Farm Produce + Processed ) ly on Yearon Weights** Feb Apr Inflation: Composite Year-on Change All Items less Farm Produce All Items Jan Apr Oct 10-Jan Apr Oct 11-Jan Apr Oct Jan Apr Oct 13-Jan Apr Oct 14-Jan Apr Oct 15-Jan Apr Oct 16-Jan Apr

17 Inflation: Composite Average Change All Items less Farm Produce All Items 0 09-Jan Apr Oct 10-Jan Apr Oct 11-Jan Apr Oct Jan Apr Oct 13-Jan Apr Oct 14-Jan Apr Oct 15-Jan Apr Oct 16-Jan Apr

18 Table 2 Composite Consumer Price Index (Base ember 2009 = 100) All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance. Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month Weights** Jan Feb Apr June y Aug Sep Oct Dec Jan Feb Apr Jun

19 Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance Aug Sep Oct Dec Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month 2011 Jan Feb Apr Jun Aug Sep Oct Dec Jan Feb Apr

20 Table 2 Composite Consumer Price Index (Base ember 2009 = 100) All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance. Weights** Jun Aug Sep Oct Dec Jan Feb Apr Jun Aug Sep Oct Dec Jan Feb Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month

21 Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance Apr Jun Aug Sep Oct Dec Jan Feb Apr Jun y Aug Sep Oct Dec Jan Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month

22 Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance. Feb Apr Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month Inflation -Composite All Items Year-on Rate Average Jan-09 y Sept Jan-10 y Sept Jan-11 Sep Jan-12 Sep Jan-13 Sep Jan-14 Sep Jan-15 Sep Jan-16

23 Table 3 Urban Consumer Price Index (Base ember 2009 = 100) All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance. Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month Weights Jan Feb Apr Jun e y Aug Sep Oct Dec Jan Feb Apr Jun Aug Sep Oct

24 Table 3 Urban Consumer Price Index (Base ember 2009 = 100) Weights All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Dec Jan Feb Apr Jun Aug Sep Oct Dec Jan Feb Apr Jun Aug Furnishings & Household Equipment Maintenance. Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month Sep Oct

25 All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported Table 3 Urban Consumer Price Index (Base ember 2009 = 100) & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Weights Dec Jan Feb Apr Jun Aug Sep Oct Dec Jan Feb Apr Jun Aug Sep Furnishings & Household Equipment Maintenance. Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month

26 Table 3 Urban Consumer Price Index (Base ember 2009 = 100) All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Weights Oct Dec Jan Feb Apr Jun y Aug Sep Oct Dec Jan Feb Apr Furnishings & Household Equipment Maintenance. Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month

27 18 4. Inflation -Urban All Items Year-on Rate Average Jan y Sept 10-Jan y Sept 11-Jan Sep Jan Sep 13-Jan Sep 14-Jan Sep 15-Jan Sep 16-Jan

28 Table 4 Rural Consumer Price Index (Base ember 2009 = 100) All Items All Items less Farm Produce. All Items less Farm Produce. and Energy Imported & Non Alcoholic Bev. Alcoholic Beverage. Tobacco and Kola Clothing and Footwear Housing Water, Electricity. Gas and Other Fuel Furnishings & Household Equipment Maintenance. Health. Transport Communication Recreation & Culture. Education Restaurant & Hotels Miscellaneous Goods & Services -on Year-on month Weights Jan Feb Apr June y Aug Sep Oct Dec Jan Feb Apr Jun Aug