The National Bureau of Statistics (NBS) has announced that it is set to unveil the Rebased Consumer Price Index (CPI) report by the end of January 2025.
This move is part of the NBS’s ongoing efforts to provide accurate and updated data to support informed decision-making.
A statement signed by Joel Ichedi, Director of Communication and Public Relations at NBS, in Abuja on Monday, explained that the rebased CPI would be revealed by the end of the month.
Ichedi described CPI as a key macroeconomic indicator that reflected the movement of aggregate price levels in a country.
He noted that the last CPI rebasing was conducted in 2009.
He emphasised the importance of rebasing the CPI regularly due to changes in consumption patterns over time, which necessitated an update of the items in the CPI basket.
“Since the last rebasing, the consumption pattern in Nigeria has changed significantly, as shown by changes in the proportion of household 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 household expenditure on telecommunications compared to other items since the last rebasing of the CPI.
“The changes in consumption patterns have altered the basket of goods and services on which the NBS collects prices.
“This means that the current basket of goods and services needs to be updated to accommodate the new items.”
The director further explained that another reason for the CPI rebasing was to bring the price reference period (Base Year) closer to the current period, ensuring a more accurate reflection of current price movements.
“For this reason, the bureau has chosen 2024 as the base year for the CPI rebasing.”
Ichedi outlined several benefits of the CPI rebasing, noting that it included the production of item weights that reflected current consumption patterns and the creation of an up-to-date CPI basket.
He also highlighted that the rebasing provided a better understanding of price volatility and offered key data for monetary and fiscal policy formulation.
He added that the rebased CPI would allow for comparisons with CPI data from other countries, as international standards were followed during the rebasing process.
He also assured that the rebased CPI would serve as a valuable resource for researchers and students both in Nigeria and internationally.
The Statistician-General and CEO of NBS expressed confidence that the upcoming rebased CPI report would offer significant insights into the Nigerian economy and be the most comprehensive of its kind.
Ichedi said once unveiled at the end of January, the full details of the report would be made available to the public.
He said that for more information on the CPI rebasing, the public was encouraged to visit the NBS website.
