Consumer Price Index Report
Consumer Price Index Report
November 2023
Report Date: December 2023
CONTENT
- BRIEF METHODOLOGY
- ALL ITEMS INDEX
- FOOD INDEX
- ALL ITEMS LESS FARM PRODUCE
- STATE PROFILES
- APPENDIX
1. BRIEF METHODOLOGY
The Consumer Price Index (CPI) measures the average change over time in the prices of goods and services consumed by people for day-to-day living. The CPI combines economic theory, sampling, and statistical techniques to produce a weighted measure of average price changes in the Nigerian economy. The survey methodology generates 3774 all-items indices for all states and the FCT.
2. ALL ITEMS INDEX
In November 2023, the headline inflation rate increased to 28.20%, showing an increase of 0.87% points compared to October 2023. On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to November 2022. On a month-on-month basis, the headline inflation rate in November 2023 was 2.09%, 0.35% higher than October 2023.
Contributions of items on Divisional level to the increase in the Headline index are presented, with Food & Non-Alcoholic Beverages leading at 14.61%.
The percentage change in the average CPI for the twelve-months period ending November 2023 over the previous twelve-months period was 24.01%, showing a 5.64% increase compared to November 2022.
3. FOOD INDEX
Food inflation in November 2023 was 32.84% year-on-year, a rise of 8.72% from November 2022. Month-on-month, food inflation was 2.42%, 0.51% higher than October 2023. The average annual rate of food inflation for the twelve months ending November 2023 was 27.09%, a 6.68% increase from November 2022.
4. ALL ITEMS LESS FARM PRODUCE AND ENERGY (CORE INFLATION)
“All items less farm produce and energy” stood at 22.38% in November 2023 year-on-year, up by 4.39% from November 2022. Month-on-month, the Core Inflation rate was 1.53% in November 2023, up by 0.14%. The twelve-month annual inflation rate was 20.35%, 4.66% higher than in November 2022.
5. STATE PROFILES
Analysis of All Items inflation rates on a Year-on-Year basis for November 2023 revealed Kogi (33.28%), Lagos (32.30%), and Rivers (32.25%) with the highest rates, while Borno (22.47%), Katsina (24.91%), and Plateau (25.53%) recorded the slowest rise. On a Month-on-Month basis, Kano (3.55%), Kebbi (3.34%), and Borno (3.24%) saw the highest increases, with Taraba (0.74%), Anambra (1.00%), and Enugu (1.18%) recording the slowest rise.
6. APPENDIX
Table 5 Combined Urban And Rural State Consumer Price Index (Base Period: November 2009 = 100) presents state-wise indices for November 2022, October 2023, and November 2023, offering insights into the Month-on-Month and Year-on-Year changes for both Food and All Items indices.