CPI and Inflation Report November 2017
The CPI measures the average change 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 average price changes 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 collectorsand 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 currentlycomprise of 740 goods and services regularly priced.
Data source: National Bureau of Statistics