NBS introduces new inflation indices
The National Bureau of Statistics has introduced special inflation indices to its monthly consumer price index (CPI) report.
The Statistician-General of the Federation, Adeyemi Adeniran, made this known at a news briefing on the CPI rebasing results in Abuja on Tuesday.
Mr Adeniran said the new indices include the farm produce index, energy index, services index, goods index, and imported food index.
He said this was in line with improvements made to the rebasing of the CPI, which he said would inform policymakers.
According to him, these new indices have been introduced based on demand and requests from stakeholders when we engaged them in the rebasing.
Mr Adeniran noted that the rates of the new indices were not year-on-year rates like the CPI rates because they were new.
He said their year-on-year rates would commence from January 2026, while the month-on-month rates would commence in February 2025.
He stated, “The rates being reported here are January compared to the base year, which is an average of prices from January to December 2024. For January 2025, the new special indices produced the following inflation rates. For these special indices, when we compare January to the base year of 2024, for farm produce we have an inflation rate of 10.50 per cent.”
Mr Adeniran said, “For the energy index, we have an 8.91 per cent inflation rate for January; for services, we have 10.41 per cent.
“For the goods index, we have a 10.79 per cent inflation rate, while for the imported food index, it produced an inflation rate of 11.47 per cent.”
Speaking earlier, the Director of Communication and Public Relations, NBS, Joel Ichedi, said the briefing was a demonstration of the bureau’s commitment to transparency and accountability in the dissemination of statistical information.
The rebasing is designed to ensure that Nigeria’s economic indicators accurately reflect the current structure of the economy, incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.
One of the processes of rebasing the CPI includes bringing the base year closer to the current period, from 2009 to 2024.
(NAN)
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