CONSUMER PRICE INDEX (BASE PERIOD NOVEMBER 2009 = 100)

Transcription

1 CONSUMER PRICE INDEX (BASE PERIOD NOVEMBER 2009 = 100) No. 559 October 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 per 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 Statistical News contains the revised Consumer Price Index (CPI) based on Nigeria Living Standard Survey (NLSS) 2003/2004. The consumption expenditure data were revalued to ember 2009, which is the base period for the revised CPI. The 2003 and tember 1985 based indices are being continued using factors derived from the new CPI. These indices will yield the same price for any commodity group contained in all the series. A new sub index Imported 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 and respectively to compute the composite indices at the 12 Classification of Individual Consumption by Purpose (COICOP) functions and all items levels. This may cause variance between a recalculated all items index using the 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 non-exhaustive list of the components of the current CPI: Price Statistics tember 2016

3 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 Glassware, tableware and household utensils Non-durable household goods Domestic services and household services HEALTH Pharmaceutical products Medical services Dental services Paramedical services

4 StatisticalNews 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. Price Statistics tember 2016

5 ALL ITEMS INDEX The Consumer Price Index (CPI) which measures inflation increased by 18.3 percent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in tember (17.9 percent). Increases were recorded across almost all major divisions which contribute to the Headline Index. Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.7 percent and 9.4 percent year-on-year respectively. The Index rose by 17.1 percent (year-on-year) in October, up by 0.47 percent points from 16.6 percent recorded in tember. During the month, all major food groups which contribute to the sub-index increased with Fruits recording the slowest pace of increase at 11.5 percent. Price movements recorded by the All Items less farm produce or Core subindex rose by 18.1 percent (year-onyear) in October, up by 0.4 percent points from rates recorded in tember (17.7 percent). During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels as well as, fuels and lubricants for personal transport equipment and Education. Significant price movement under the Core Sub-index was also recorded for Clothing and Footwear, which recorded as increase of 17.8 percent year on year. The groups with least growth pace recorded in October were Communication (5.7 percent), Restaurants and Hotels (9.4 percent) and Recreation and Culture (10.3 percent). COMPOSITION OF THE MAJOR INDEX AND SUB-INDICES All Items = Farm Produce + Core index = Farm Produce + Processed s Core = All Items Farm Produce It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As. Processed s are included in both the Core and sub-indices; this Implies that these subindices are not mutually-exclusive. On a month-on-month basis, the Headline index rose by 0.83 percent in October, higher from the rate recorded in tember (0.81 percent). The Urban index rose by 19.9 percent (year-on-year) in October from 19.5 percent recorded in tember, and the Rural index increased by percent in October from 16.4 percent in tember. On month-on-month basis, the Urban index rose by 0.81 percent in October from 0.79 percent recorded in tember, while the Rural index rose by 0.84 percent in October from 0.83 percent in tember. The percentage in the composite CPI for the twelve-month period ending in October 2016 over the of the CPI for the previous twelvemonth period was 14.2 percent, higher from 13.5 percent recorded in tember. The corresponding twelve-month yearon-year percentage for the urban index increased from 14.4 percent in tember to 15.3 percent in October, while the corresponding rural index also increased from 12.6 percent in tember to 13.3 percent in October.

6 StatisticalNews FOOD INDEX The Composite Index rose by 17.1 percent in October The rise in the index was caused by increase in prices of Bread and Cereal, Fish, and Meat. On a month-on-month basis, the sub-index increase by 0.86 percent in October from 0.81 percent recorded in tember. The annual rate of of the sub-index for the twelvemonth period ending in October 2016 over the previous twelve-month was percent, 0.58 percent points from the annual rate of recorded in tember (13.24 percent). ALL ITEMS LESS FARM PRODUCE The All Items Less Farm Produce or Core sub-index, which excludes the prices of volatile agricultural produce increased by 18.1 percent during the month, 0.4 percent points from 17.7 percent recorded in tember as all key divisions which contributes to the index increased. On a month-on-month basis, the Core sub-index rose by 0.75 percent in October, down by 0.21 percent points from 0.96 percent recorded in tember. The highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels as well as, fuels and lubricants for personal transport equipment and Education. The month annual rate of rise of the index was recorded at percent for the twelve-month period ending in October 2016, 0.78 percent points higher from the twelve-month rate of recorded in tember. For enquiries relating to this CPI report, please contact: ykale@nigerianstat.gov.ng and tai_agbe@yahoo.com Follow us on and online at Price Statistics tember 2016

7 News Statistical Price Statistics SEPTEMBER 2016

8 News Statistical Price Statistics SEPTEMBER 2016

9 News Statistical Price Statistics SEPTEMBER 2016

10 News Statistical Price Statistics SEPTEMBER 2016

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

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

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

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

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

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

17 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 Oct 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 Oct Statistical News 1. Inflation: Composite Year-on Change All Items less Farm Produce All Items 2. Inflation: Composite Average Change All Items less Farm Produce All Items

18 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 Statistical News Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** Jan Feb Apr June y Aug Oct Dec Jan Feb Apr Jun Aug Oct

19 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 Statistical News Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** Dec Jan Feb Apr Jun Aug Oct Dec Jan Feb Apr Jun Aug

20 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 Statistical News Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** Oct Dec Jan Feb Apr Jun Aug Oct Dec Jan Feb Apr Jun

21 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 Statistical News Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** Aug Oct Dec Jan Feb Apr Jun y Aug Oct Dec Jan Feb Apr

22 Jan-09 y t Jan-10 y t Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 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 Statistical News Table 2 Composite Consumer Price Index (Base ember 2009 = 100) Weights** Jun Aug Oct Inflation -Composite All Items Year-on Rate Average

23 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 Statistical News Table 3 Urban Consumer Price Index (Base ember 2009 = 100) Weights Jan Feb Apr June y Aug Oct Dec Jan Feb Apr Jun Aug

24 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 Statistical News Table 3 Urban Consumer Price Index (Base ember 2009 = 100) Weights Oct Dec Jan Feb Apr Jun Aug Oct Dec Jan Feb Apr Jun Aug

25 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 Statistical News Table 3 Urban Consumer Price Index (Base ember 2009 = 100) Weights Oct Dec Jan Feb Apr Jun Aug Oct Dec Jan Feb Apr Jun

26 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 Statistical News Table 3 Urban Consumer Price Index (Base ember 2009 = 100) Weights Aug Oct Dec Jan Feb Apr Jun y Aug Oct Dec Jan Feb Apr Jun

27 09-Jan y t 10-Jan y t 11-Jan Jan 13-Jan 14-Jan 15-Jan 16-Jan 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 Statistical News Table 3 Urban Consumer Price Index (Base ember 2009 = 100) Weights Aug Oct Inflation -Urban All Items Year-on Rate Average