The import price index in Nigeria increased by 0.16 per cent in the third quarter of 2025, according to the National Bureau of Statistics (NBS), showing marginal changes in the prices of imported goods during the period under review.

The data, contained in the NBS Commodity Price Indices and Terms of Trade report, showed that the increase was driven by higher prices of several imported commodity groups.

These included stone, plaster, cement and ceramic products, footwear and headgear, as well as wood and articles of wood.

The report tracks changes in the prices of goods imported into Nigeria from all trading regions and serves as an indicator of external price movements affecting the domestic economy.

In the same quarter, the NBS reported that the all-commodity group export price index rose by 0.06 per cent.

According to the statistics office, the increase reflected changes in export prices of selected items such as vehicles, aircraft and parts, prepared foodstuffs, animal products and other manufactured goods.

The export index measures price movements of goods sold by Nigeria to international markets.

The report further showed that Nigeria’s all-products terms of trade index declined by 0.10 per cent during the period. The terms of trade index measures the ratio of export prices to import prices and indicates how changes in global prices affect a country’s trade position.

The decline followed the faster increase in import prices relative to export prices over the quarter.

The import index forms part of Nigeria’s broader price statistics framework maintained by the NBS. In recent years, the bureau carried out a comprehensive rebasing of the Consumer Price Index (CPI) to improve the accuracy of inflation measurement.

The rebasing replaced the 2009 reference period with a new weight reference period of 2023 and a price reference period, or base year, of 2024.

Following the rebasing exercise, the CPI basket was expanded to cover 934 product varieties grouped into 13 divisions under the Classification of Individual Consumption According to Purpose (COICOP) 2018 framework.

The updated framework includes indices such as the headline index, food index, core index, imported food index, goods index, services index, energy index, urban and rural indices, as well as farm produce and all items less farm produce indices.

According to the NBS, the rebasing exercise was designed to reflect changes in consumption patterns, update item weights and incorporate methodological improvements required for accurate price tracking across sectors and regions.

The updated CPI framework is published monthly and supports economic analysis, policy formulation and monitoring of price developments.

NBS is the official agency responsible for the production and dissemination of statistical data. Its reports on import and export price indices complement other macroeconomic indicators used by government institutions, investors and analysts to assess price trends and trade performance.