Checkout Magazine has learnt that the average change in prices of goods and services over the past year is about 24.48 per cent.
This a major highlight of the much-expected report on the rebasing of the Consumer Price Index (CPI) scheduled to be released today by the National Bureau of Statistics (NBS).
The rebasing of the CPI included important improvements to methodologies, expansion of the product categories or food varieties and a new, closer base year that allows the headline inflation rate to capture current economic changes.
Reports obtained by our reporters from credible sources and independent surveys, which regularly accurately predict the inflationary trend, indicated a slowdown in the inflation rate.
The rebased headline inflation dropped from 34.80 per cent in the pre-rebased period of December 2024 to 24.48 per cent in January 2025 after the rebasing.
Rebasing means updating the weight and price reference periods in the calculation of the CPI or inflation rate.
Globally, rebasing is done by the statistics office every five years.
The NBS is statutorily empowered to undertake such rebasing in Nigeria.
However, the last reference period in Nigeria was 2009, which made the CPI less reflective of changes in consumption patterns and the economy generally.
With all the enhancements to the methodology and the movement of the base year and price reference periods closer to the current period, the price estimates from NBS will be much more reflective of the current inflationary pressure experienced within the economy.
“It also means that in terms of the quality of the process and soundness of the estimates, NBS data will be among the top, and comparable to any other in Africa and indeed across the globe,” a report stated.
