NBS Lists Benefits Of Consumer Price Index Rebasing

The National Bureau of Statistics (NBS) has announced plans to launch the Rebased Consumer Price Index (CPI) report by the end of January 2025.

The initiative aims to update Nigeria’s CPI to reflect current consumption patterns and enhance its role as a key economic indicator.

The last CPI rebasing was conducted in 2009. The Statistician-General of the federation and CEO of NBS, Semiu Adeyemi, stated that the updated CPI will provide more accurate data on price movements and serve as a vital tool for monetary and fiscal policy formulation.

The rebasing process updates the basket of goods and services used to calculate the CPI to align with current household consumption trends.

Findings from the 2023 Nigeria Living Standards Survey (NLSS) revealed significant shifts in spending patterns, such as increased household expenditure on telecommunications. The rebased CPI will use 2024 as the new base year, ensuring it reflects recent price volatility.

The rebased CPI is expected to improve comparability with global standards and enhance utility for researchers, policymakers, and students.

Adeyemi assured Nigerians that the forthcoming report would provide deeper insights into the Nigerian economy. Full details of the report will be made available to the public upon its release.