Price Level of Imports for Nigeria
PLMCPPNGA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.60
Year-over-Year Change
3.88%
Date Range
1/1/1950 - 1/1/2019
Summary
The Price Level of Imports for Nigeria measures the overall price changes of goods and services imported into Nigeria. It is a key indicator for understanding the country's international trade dynamics and inflationary pressures.
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 Price Level of Imports for Nigeria tracks the changing cost of a basket of imported goods and services over time. This metric is used by economists and policymakers to assess the impact of exchange rates, trade policies, and global supply chain factors on Nigeria's import prices and overall inflation.
Methodology
The data is collected through surveys of Nigerian businesses and organizations that import goods and services.
Historical Context
Monitoring the Price Level of Imports helps the Nigerian government and central bank evaluate the effectiveness of monetary and trade policies.
Key Facts
- Nigeria is Africa's largest economy and a major oil exporter.
- Imports account for over 20% of Nigeria's GDP.
- Rising import prices can contribute to higher consumer inflation in Nigeria.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Imports for Nigeria tracks the overall price changes of goods and services imported into the country over time.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding Nigeria's international trade dynamics, exchange rate movements, and inflationary pressures within the economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Nigerian businesses and organizations that import goods and services.
Q: How is this trend used in economic policy?
A: Monitoring the Price Level of Imports helps the Nigerian government and central bank evaluate the effectiveness of monetary and trade policies.
Q: Are there update delays or limitations?
A: The data is published with a short lag, typically 1-2 months after the reference period.
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Citation
U.S. Federal Reserve, Price Level of Imports for Nigeria (PLMCPPNGA670NRUG), retrieved from FRED.