By NIyi Jacobs
The National Bureau of Statistics (NBS) has officially announced the rebasing of Nigeria’s Consumer Price Index (CPI), a move aimed at providing a more accurate picture of inflation trends in the country. Speaking at a press briefing in Abuja, the Director of Communication and Public Relations, Mr. Ichedi Sunday Joel, described the exercise as a crucial step toward ensuring that Nigeria’s inflation measurement reflects current economic realities.
The rebasing process involves updating the basket of goods and services used to track price changes, ensuring it aligns with evolving consumption patterns and market conditions. This adjustment is expected to enhance the accuracy of inflation data, which is critical for government policy, business decisions, and economic planning.
The Statistician General of the Federation is set to present the key findings of the rebased CPI, which will shed light on how inflation is measured going forward. The update is expected to improve data reliability, providing better insights for investors, businesses, and policymakers.
With Nigeria facing persistent inflationary pressures, the rebasing exercise is seen as a strategic move to enhance transparency and credibility in economic reporting. Analysts believe that the new methodology will allow for better policy responses to price fluctuations and economic shifts.
As Nigerians await the detailed report, the rebased CPI is expected to offer a clearer understanding of inflation trends and their impact on households and businesses across the country.
