Inflation, consumer prices for Benin
FPCPITOTLZGBEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.16
Year-over-Year Change
-82.79%
Date Range
1/1/1993 - 1/1/2024
Summary
This economic trend measures the inflation rate, or the general increase in consumer prices, in Benin. Monitoring inflation is crucial for policymakers to assess the health of the economy and guide monetary and fiscal policies.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Consumer Price Index (CPI) for Benin tracks the changing cost of a basket of consumer goods and services over time. It is a key indicator of the purchasing power of the local currency and overall price stability in the country.
Methodology
The data is collected through surveys of consumer expenditures and prices by the National Institute of Statistics and Economic Analysis of Benin.
Historical Context
Inflation data informs the policies of the Central Bank of West African States, which manages the CFA franc shared by several West African nations.
Key Facts
- Benin's inflation rate was 2.9% in 2021.
- The CPI basket includes food, housing, transportation, and other goods.
- Inflation data helps guide the Central Bank's interest rate and exchange rate policies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation rate, or the general increase in consumer prices, in Benin. It tracks the changing cost of a basket of common consumer goods and services.
Q: Why is this trend relevant for users or analysts?
A: Monitoring inflation is crucial for policymakers to assess the health of the economy and guide monetary and fiscal policies. It indicates the purchasing power of the local currency and overall price stability.
Q: How is this data collected or calculated?
A: The data is collected through surveys of consumer expenditures and prices by the National Institute of Statistics and Economic Analysis of Benin.
Q: How is this trend used in economic policy?
A: Inflation data informs the policies of the Central Bank of West African States, which manages the CFA franc shared by several West African nations, including adjustments to interest rates and exchange rates.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay. As with any survey-based metric, the CPI may not fully capture all changes in consumer prices.
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Citation
U.S. Federal Reserve, Inflation, consumer prices for Benin (FPCPITOTLZGBEN), retrieved from FRED.