The National Bureau of Statistics has disclosed that its rebased Consumer Price Index will better reflect current price volatility and provide a clearer understanding of economic trends in Nigeria.
According to a press statement on Monday by the agency’s Director of Communication and Public Relations, Sunday Ichedi, the rebased CPI, which will be unveiled at the end of January 2025, updates the price reference period to 2024 and incorporates significant changes in household consumption patterns since the last rebasing in 2009.
The statement noted 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.
It noted that the Nigeria Living Standards Survey conducted in 2023 revealed shifts in household expenditure, particularly a marked increase in spending on telecommunications.
This, it said, highlights the need to update the basket to include new items reflecting current consumption patterns.
In the statement, the Statistician-General of the NBS, Semiu Adeyemi, was quoted as saying, “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.”
