The National Bureau of Statistics (NBS) has introduced new special inflation indices as part of its monthly Consumer Price Index (CPI) report. This announcement was made by the Statistician-General of the Federation, Adeyemi Adeniran, during a press briefing on the CPI Rebasing Results in Abuja on Tuesday.
Adeniran revealed that the newly introduced indices include: The farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index.
These indices were developed in response to stakeholder demand and are designed to enhance the accuracy of economic data, thereby informing policy decisions more effectively.
Unlike the traditional CPI rates, these special indices do not yet have year-on-year comparisons, as they are newly introduced. Their year-on-year rates will commence in January 2026, while month-on-month rates will start in February 2025.
“For January 2025, the new special indices produced the following inflation rates when compared to the base year (2024 average prices): Farm Produce Index: 10.50%, Energy Index: 8.91%, Services Index: 10.41%, Goods Index: 10.79% and Imported Food Index: 11.47%”
Rebasing the CPI is a crucial process that ensures Nigeria’s economic indicators accurately reflect the country’s evolving economic structure. This includes incorporating new and emerging sectors, updating the consumption basket, and refining data collection methods.
One of the significant aspects of this rebasing is updating the base year from 2009 to 2024, aligning it with current economic realities.
Joel Ichedi, Director of Communication and Public Relations at NBS, emphasized that the briefing reflects the bureau’s dedication to transparency and accountability in disseminating statistical information. The introduction of these new indices marks a significant step toward more precise economic monitoring and policymaking in Nigeria.
With these refinements, policymakers, economists, and investors can gain a clearer understanding of inflation trends and their impact on various sectors of the economy.
