The National Bureau of Statistics (NBS) has added new inflation indices to its monthly Consumer Price Index (CPI) report. This was announced by the Statistician-General of the Federation, Adeyemi Adeniran, during a press briefing in Abuja on Tuesday, where he presented the results of the CPI rebasing.
These new indices include:
- Farm Produce Index
- Energy Index
- Services Index
- Goods Index
- Imported Food Index
According to Adeniran, these additional indices were created in response to requests from various stakeholders who participated in the rebasing process. Unlike the traditional CPI, these indices do not yet have year-on-year inflation rates because they are newly introduced. Their year-on-year rates will be available from January 2026, while their month-on-month rates will begin in February 2025.
For January 2025, the inflation rates for these new indices, compared to the base year (2024), are as follows:
- Farm Produce Index: 10.50%
- Energy Index: 8.91%
- Services Index: 10.41%
- Goods Index: 10.79%
- Imported Food Index: 11.47%
NBS Director of Communication and Public Relations, Joel Ichedi, emphasized that this update is part of the bureau’s effort to enhance transparency and ensure that Nigeria’s economic data accurately reflects the current state of the economy. The CPI rebasing also involves updating the base year from 2009 to 2024 to provide a more accurate picture of Nigeria’s inflation trends.
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