By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: Nigeria’s Inflation Tracking Gets Boost As NBS Unveils Upgraded Consumer Price Index
Share
Sign In
Notification Show More
Latest News
Soludo’s Desperation Evident in N50m Advertisement Levy on Anambra Guber Candidates -Group
Media Metro News Politics
Presidency Denies Allegations That President Tinubu Supported June 12, 1993 Election Annulment
News Politics
Tinubu Tasks Media on National Unity, Ethical Journalism as NUJ Celebrates 70 Years
Media News Politics
Mining Marshals Under Fire as Community Points to Their Role in Illegal Mining
Business Crime Defence Environment Insecurity Metro Mining News
Firm drags Zenith Bank to UK parliament, ICC over $64m S/Court contract judgment
Business Judiciary Legal/Courts Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Economy > Nigeria’s Inflation Tracking Gets Boost As NBS Unveils Upgraded Consumer Price Index
BusinessEconomyNews

Nigeria’s Inflation Tracking Gets Boost As NBS Unveils Upgraded Consumer Price Index

Publisher
By Publisher Published January 20, 2025
Share
4 Min Read
SHARE

By Chidi Ugwu

The National Bureau of Statistics (NBS) on Monday announced that it is set to launch the Rebased Consumer Price Index (CPI) report end of January 2025 as part of its effort to provide data for informed decision making.

Ichedi, Sunday Joel, the Director of Communication & Public Relations, who made this known in a statement, described CPI as a number which shows movement of aggregate price level and is an important macro – economic variable of a country, stressing that the last CPI Rebasing was conducted in 2009.

- Advertisement -
Ad image

Ichedi listed benefits of CPI rebasing to include the fact that it produces item weights that reflect the current consumption pattern of households, produces up – to – date CPI Basket and reflects current price volatility while serving as an input into monetary and fiscal policy formulation, adding that the outcome of the current Rebasing can be compared with other countries CPI because international standards were followed in the process of rebasing the CPI.

“Since the last rebasing, the consumption pattern in Nigeria have changed significantly as shown by changes in the proportion of households’ expenditures on items consumed in the recently conducted Nigeria Living Standards Survey (NLSS), 2023. A perfect example of this is the significant increase in the proportion of households’ expenditure on telecommunication compared to other items since the last rebasing of CPI. The Changes in Consumption pattern has uttered the basket of goods and services which NBS collects prices on. This means that, the current basket of goods and services needs to be updated to accommodate the new ones.

“Another reason for CPI Rebasing is to bring the price reference period (Base Year) closer to the current period in other to have a relative price that shows current prices movement. In this regard, the Bureau is using 2024 as the base year for the CPI Rebasing” he stated.

He quoted Prince Semiu Adeyemi Adeniran, the Statistician-General and CEO of the National Bureau of Statistics, to have assured Nigerians that the upcoming Rebased Consumer Price Index (CPI) Report will be exceptional, offering deeper insights into the economy.

According to the statement, the NBS boss emphasized the importance of rebasing GDP and CPI to accurately reflect Nigeria’s current economic structure, incorporating new sectors and updating methodologies, adding that the exercise is crucial for informed policymaking and effective governance, ensuring that economic indicators mirror real-time changes in consumption patterns and market dynamics.

“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”, said Prince Semiu Adeyemi, the NBS boss

The Bureau will be launching the Rebased CPI by the end of January 2025, after which the full details of the report will be made available to the public.

Like this:

Like Loading...

Related

You Might Also Like

Soludo’s Desperation Evident in N50m Advertisement Levy on Anambra Guber Candidates -Group

Presidency Denies Allegations That President Tinubu Supported June 12, 1993 Election Annulment

Tinubu Tasks Media on National Unity, Ethical Journalism as NUJ Celebrates 70 Years

Mining Marshals Under Fire as Community Points to Their Role in Illegal Mining

Firm drags Zenith Bank to UK parliament, ICC over $64m S/Court contract judgment

TAGGED: CPI, inflation, National Bureau of Statistics, NBS

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher January 20, 2025
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Igbo leader dismisses expulsion of Ohanaeze PG
Next Article Enugu Govt. earmarks N2b for massive farm estates in wards in 2025
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Soludo’s Desperation Evident in N50m Advertisement Levy on Anambra Guber Candidates -Group
Media Metro News Politics June 23, 2025
Presidency Denies Allegations That President Tinubu Supported June 12, 1993 Election Annulment
News Politics June 22, 2025
Tinubu Tasks Media on National Unity, Ethical Journalism as NUJ Celebrates 70 Years
Media News Politics June 22, 2025
Mining Marshals Under Fire as Community Points to Their Role in Illegal Mining
Business Crime Defence Environment Insecurity Metro Mining News June 22, 2025

You Might also Like

MediaMetroNewsPolitics

Soludo’s Desperation Evident in N50m Advertisement Levy on Anambra Guber Candidates -Group

June 23, 2025
NewsPolitics

Presidency Denies Allegations That President Tinubu Supported June 12, 1993 Election Annulment

June 22, 2025
MediaNewsPolitics

Tinubu Tasks Media on National Unity, Ethical Journalism as NUJ Celebrates 70 Years

June 22, 2025
BusinessCrimeDefenceEnvironmentInsecurityMetroMiningNews

Mining Marshals Under Fire as Community Points to Their Role in Illegal Mining

June 22, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d