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.
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.
