The National Bureau of Statistics (NBS) has announced the inclusion of special inflation indices in its monthly Consumer Price Index (CPI) report.
The Statistician-General of the Federation, Adeyemi Adeniran, made this disclosure during a press briefing on the CPI rebasing results in Abuja on Tuesday.
Introduction of New Indices
Adeniran stated that the newly introduced indices include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index. These additions are part of the CPI rebasing process, aimed at providing more detailed and comprehensive data for policymakers.
Stakeholder-Driven Decision
According to Adeniran, the decision to introduce these indices was based on demands from stakeholders during the rebasing process. He clarified that the rates for these new indices are not year-on-year rates like the traditional CPI, as they have just been introduced.
He explained that year-on-year rates for the indices will commence in January 2026, while month-on-month rates will begin 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 reported 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%
Ensuring Accuracy in Economic Indicators
Speaking earlier, Joel Ichedi, the Director of Communication and Public Relations at NBS, reaffirmed the bureau’s commitment to transparency and accountability in disseminating statistical information.
The rebasing process aims to ensure Nigeria’s economic indicators accurately reflect the country’s current economic structure by incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods. A key aspect of this rebasing includes updating the CPI base year from 2009 to 2024.
Following the rebasing, Nigeria’s headline inflation rate declined to 24.48% year-on-year in January 2025, compared to 34.80% in December 2024, which was calculated using the previous methodology.
The Statistician-General emphasized that the rebased inflation figures provide a more accurate reflection of consumer spending patterns and economic realities in Nigeria.
According to the latest NBS report, urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%, further indicating a decline in the general price level of goods and services compared to December 2024.
