What inflation measures
Inflation measures how quickly the general level of consumer prices is changing over time. Nigeria’s headline inflation rate is derived from a consumer price index that tracks a basket of goods and services.
Headline, food and core inflation
Headline inflation covers the full consumer basket. Food inflation focuses on food items. Core measures are designed to show underlying price pressure after excluding selected volatile components, depending on the statistical definition used.
Why the rate can move sharply
Food supply, energy and transport costs, exchange-rate movements, taxes, wages, monetary conditions and statistical base effects can all influence the annual rate. A falling inflation rate does not necessarily mean prices are falling; it can mean prices are rising more slowly.
Frequently asked questions
Does lower inflation mean prices are cheaper?
Not necessarily. Lower inflation usually means the overall price level is rising more slowly. Actual price declines would be deflation for the affected measure.
Who publishes Nigeria’s official inflation data?
Nigeria’s official consumer-price statistics are published by the National Bureau of Statistics.