NBS To Introduce 3 New Indexes in Monthly Consumer Price Report
The National Bureau of Statistics (NBS) announced on Thursday the introduction of three new indexes in its monthly Consumer Price Index (CPI) report. This was disclosed during a sensitisation workshop on GDP and CPI rebasing, organised by the Nigerian Economic Summit Group (NESG) and the NBS in Lagos.
Dr. Ayo Andrew, Head of Price Statistics at the NBS, highlighted the new developments during his presentation. “In addition to our usual headline inflation, core inflation, and food inflation, we will include three new indexes in the rebased CPI, set to be released this January,” he said.
The new indexes are:
- Services Index: This will track the rate of price increases in services such as education and transport, areas of growing public interest.
- Energy Index: This will monitor fluctuations in the price of energy, an important sector in the Nigerian economy.
- Farm Produce Index: This will reflect the price volatility of agricultural products, giving insights into the changing costs of farm goods.
The new base year for the CPI is 2024.
The NBS had announced plans in October 2024 to rebase both the GDP and CPI to reflect current economic conditions and structural changes. The addition of these indexes is part of the efforts to provide more comprehensive data on the Nigerian economy.
