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Key Additions To Rebased Consumer Price Index

by Leadership News
6 months ago
in Business
Reading Time: 1 min read
Consumer Price Index
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Nigeria’s recent rebasing of the Consumer Price Index (CPI) introduced several new items and special indices aimed at providing a more accurate reflection of current economic conditions.

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Key additions include:

Farm Produce Index: This index accounts for 10.50% of the inflation measurement, focusing on agricultural outputs.

Energy Index: Reflecting energy costs, this index has a weight of 8.9%.

Services Index: This category includes various services and has a weight of 10.41%.

Goods Index: This index, which encompasses various consumer goods, holds a weight of 10.79%.

Imported Food Index: This index measures inflation related to imported food items and stands at 11.47%134.

The rebasing process also expanded the overall basket of goods from 740 to 960 items, enhancing the CPI’s ability to capture changes in consumer spending patterns.

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Notably, the weight of food in the inflation basket was reduced from 51.8% to 40.1%, while sectors like health and transport gained increased representation.

 

 

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