The National Bureau of Statistics (NBS) says its rebased Consumer Price Index (CPI) will reflect the current price volatility better, and provide a clearer understanding of economic trends in Nigeria.
NBS’ Director of Communication and Public Relations, Sunday Ichedi, said in a press statement that the rebased CPI, which will be unveiled at the end of January 2025, updates the price reference period to 2024.
He said it also incorporates significant changes in household consumption patterns since the last rebasing in 2009.
Ichedi added that the exercise is vital to ensure that the CPI basket, which tracks the prices of goods and services, accurately represents present-day spending habits.
He further noted that the Nigeria Living Standards Survey conducted in 2023, revealed shifts in household expenditure, particularly a marked increase in spending on telecommunications.
This, according to the statement, highlights the need to update the basket to include new items reflecting current consumption patterns.
The statement, quoted the Statistician-general of the NBS, Prince Semiu Adeyemi, to have said “I would like to assure all Nigerians that the expected Rebased CPI Report will be the best of its kind and will provide further insights into the Nigerian economy.”
The NBS further pointed out that the updated CPI would help policymakers track price movements more effectively and make informed monetary and fiscal decisions.
It highlighted benefits of the rebasing exercise to include a CPI basket aligned with current consumption trends, improved analysis of price volatility, and the use of international standards to enable comparisons with other countries.
The bureau said the updated report would also serve as a valuable resource for researchers and students.
The rebased CPI is expected to improve the accuracy of economic data, offering item weights that reflect modern household spending habits and providing essential input for economic planning.
In a separate statement, the NBS also announced that it is finalising the rebasing of Nigeria’s Gross Domestic Product (GDP) and is set to launch the updated report by the end of January 2025.
The rebased GDP will reflect the market value of all goods and services produced within the country, offering a clearer picture of overall economic activity and growth direction.
The NBS noted that GDP rebasing is essential for measuring the health of the economy and making global economic comparisons.
