The National Bureau of Statistics (NBS) has introduced special inflation indices as part of its monthly Consumer Price Index (CPI) report. The Statistician-General of the Federation, Adeyemi Adeniran, announced the development on Tuesday during a briefing in Abuja on the recently completed CPI rebasing.
According to Adeniran, the newly introduced indices include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index. He explained that these additions stemmed from stakeholder requests during the rebasing process and are designed to provide more detailed insights for policymakers.
“These new indices have been introduced based on demand and requests from stakeholders when we engaged them in the rebasing,” Adeniran said.
He clarified that the new indices would not have year-on-year inflation rates immediately, as they are newly established. Their year-on-year rates will commence in January 2026, while month-on-month rates will begin in February 2025.
“The rates being reported here are January compared to the base year, which is an average of prices from January to December 2024,” he said.
Providing the initial figures, Adeniran noted that for January 2025:
- The Farm Produce Index recorded an inflation rate of 10.50%
- The Energy Index stood at 8.91%
- The Services Index showed 10.41%
- The Goods Index registered 10.79%
- The Imported Food Index reported 11.47%
Earlier, Joel Ichedi, Director of Communication and Public Relations at NBS emphasized that the briefing demonstrated the bureau’s commitment to transparency and accountability in statistical reporting.
The CPI rebasing aims to ensure that Nigeria’s economic indicators accurately reflect the country’s current economic structure. It incorporates emerging sectors, updates consumption patterns, and refines data collection methods. A key aspect of this rebasing process is shifting the base year from 2009 to 2024, bringing it closer to the present economic landscape.
No comments:
Post a Comment