Nigeria Inflation Rate YoY

The Consumer Price Index (CPI) in Nigeria tracks the change in the prices of 740 products and services consumed by people on a daily basis. Urban and rural households in all 36 states contributed to the index weights.  Among the most significant categories in the CPI are Food and Non-Alcoholic Beverages (51.8% of total weight), Housing, Water, Electricity, Gas, and Other Fuels (16.7%), and Clothing and Footwear (7.7%). Transportation makes 6.5% of the index, while Furnishings and Household Equipment Maintenance makes 5%. Overall, Education accounts for 3.9%, followed by health (3%), Miscellaneous Goods and Services (1.7%), and Restaurants and Hotels (1.2%). 1.1% of the entire index is composed of Alcoholic Beverages, Tobacco, and Kola, while 0.7% accounts for Communications, and the remaining 0.7 percent is composed of Recreation and Culture.