NBS To Introduce 3 New Indexes In Monthly Consumer Price Report

The National Bureau of Statistics (NBS), on Thursday, announced the introduction of three new indexes in its monthly Consumer Price Index (CPI).

This was revealed at the sensitisation workshop on GDP and CPI rebasing organised by the Nigerian Economic Summit Group (NESG) and the NBS in Lagos on Thursday.

The head of Price Statistics at the NBS, Dr. Ayo Andrew, in his presentation said, “Apart from our normal headline inflation, core inflation, food inflation; the basics, we are going to include in the new CPI rebased that will be released this January another index that has never been released before.

“Number one is the services index. At what rate are the prices of services in Nigeria increasing? People want to know about (those figures) in education and transport.

“NBS will bring that on board by the end of this month. Also energy index, at what rate is price fluctuating in this sector?

“Farm produce index, what is the rate of price volatility of these products, and at what rate are prices of items in this sector moving? So these are the special indices that we are going to release at the end of this month.”

The new base year for CPI is 2024.

The NBS had in October 2024 announced plans to rebase the GDP and CPI to reflect current realities and account for structural changes in the economy, the new additions are expected to be part of the rebased CPI.