The National Bureau of Statistics (NBS) has announced the introduction of special inflation indices to its monthly Consumer Price Index (CPI) report.
This was disclosed by the Statistician-General of the Federation, Adeyemi Adeniran, during a press briefing on the CPI Rebasing Results in Abuja on Tuesday.
Adeniran stated that the new indices include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index.
These additions are part of the improvements made to the rebasing of the CPI, aimed at providing more comprehensive data for policymakers.
Stakeholders’ demand
According to Adeniran, these new indices were introduced in response to stakeholders’ demand and requests during the rebasing process. He noted that the rates for these new indices are not year-on-year rates like the traditional CPI rates, as they are newly introduced.
He explained that the year-on-year rates for these indices would commence in January 2026, while the month-on-month rates would start in February 2025.
“The rates being reported here compare January 2025 to the base year, which is an average of prices from January to December 2024,” Adeniran said.
For January 2025, the special indices produced the following inflation rates:
- Farm Produce Index: 10.50%
- Energy Index: 8.91%
- Services Index: 10.41%
- Goods Index: 10.79%
- Imported Food Index: 11.47%
What you should know
Speaking earlier, Joel Ichedi, the Director of Communication and Public Relations at NBS, emphasized the bureau’s commitment to transparency and accountability in the dissemination of statistical information.
- The rebasing process aims to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.
- One of the key aspects of rebasing the CPI includes updating the base year from 2009 to 2024.
- Nigeria’s headline inflation rate dropped to 24.48% year-on-year in January 2025, following the rebasing of the CPI.
- The report highlights a decline in the general price level of goods and services compared to 34.80% in December 2024, calculated using the previous methodology.
The Statistician-General of the Federation, Adeyemi Adeniran, noted that the rebased inflation figures provide a more accurate representation of consumer spending patterns and economic realities in the country.
According to the latest NBS report, urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%. This represents a decline in the general price level of goods and services compared to December 2024.
