By Hosea Parah, Abuja

The National Bureau of Statistics (NBS) has officially launched the long-awaited results of the rebased Consumer Price Index (CPI) at a press briefing held today at the NBS Headquarters in Abuja. The event, attended by distinguished guests, members of the media, and stakeholders, marks the successful completion of an extensive and rigorous exercise aimed at improving the accuracy and relevance of inflationary data in Nigeria.

The Statistician General of the Federation and Chief Executive Officer of NBS, in his address, emphasized the significance of the CPI report, which has been one of the most sought-after statistical products by data users across Nigeria and beyond. He highlighted that the CPI report has been downloaded more than 500,000 times in the past six years, underscoring the crucial role it plays in shaping economic decisions.

According to the Statistician General, the rebasing of the CPI was essential due to the dynamic nature of Nigeria’s economy, driven by globalization, innovation, and shifting consumer behavior. He explained that the base year for the CPI had been moved from 2009 to 2024, allowing for a more accurate reflection of current economic realities. The exercise also introduced significant methodological improvements, including the adoption of the 2018 version of the Classification of Individual Consumption According to Purpose (COICOP) and the exclusion of non-monetary items like own-production and imputed rents from CPI calculations.

The rebasing effort, which had not been conducted for over a decade, also involved rigorous consultations with stakeholders through multiple engagements in Abuja and Lagos. The results, according to the Statistician General, reflect the most current inflationary pressures in Nigeria’s economy and bring NBS data in line with global best practices.

The report revealed that the All-Items Index for January 2025 stood at 110.7, resulting in a headline inflation rate of 24.48% on a year-on-year basis. Notably, the Food Inflation rate was 26.08%, while the Core Inflation rate, which excludes food and energy items, stood at 22.59%. Regional disaggregation indicated that urban areas faced a higher inflation rate (26.09%) compared to rural areas (22.15%).

In line with the rebasing, NBS introduced new special indices to offer a more detailed view of inflation trends. These indices, which include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index, will provide valuable insights for policymakers and analysts. These indices will be updated monthly, starting in February 2025, with year-on-year data expected to begin in January 2026.

The NBS also announced that an abridged report and Frequently Asked Questions (FAQs) document will be made available on its website to support a better understanding of the methodology and outcomes of the rebasing exercise.

In his remarks, the Statistician General expressed gratitude to various stakeholders, including the Central Bank of Nigeria (CBN), the International Monetary Fund (IMF), the World Bank, and the United Nations Economic Commission for Africa (UNECA), for their invaluable support throughout the rebasing process. He also acknowledged the contribution of Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, for his leadership and support.

The event concluded with a call for accurate reporting of the CPI findings and for continued collaboration to ensure the production of high-quality data for sound policymaking and economic planning in Nigeria.