The National Bureau of Statistics (NBS) that releases key data on the Nigeria economy is set to release new Gross Domestic Product (GDP) Rebasing and Consumer Price Index (CPI) data.
The new base year for the new GDP is 2019, while for CPI the new base year is 2024 which will be released in January 2025. There will be 8 new areas captured in the new GDP series, the NBS said in a presentation today monitored by MoneyCentral.
Inflation affects consumers and households and Government.
The Consumer Price Index (CPI) is used to adjust wages for workers as well as Central Bank of Nigeria (CBN) monetary policy.
The rebasing is done so that changes in the price and weight reference period are updated to bring them closer to current time.
The CPI to be released this month-end (January 2025) is based on 2023 living standard survey, while the weight reference period is 2023 and price reference period is for 2024.
Financial services and insurance were added to the CPI framework and methodology and digitization of price data collection also took place with the new CPI having over 960 variety of items.
The 2024 CPI base year will reflect behavior of prices due to removal of subsidy and unification of exchange rates.
Food and non-alcoholic beverages CPI weighting reduced to 40.1 from 51.8, however restaurant and accommodation weighting increased to 12.9 from 1.2 to reflect the people that eat outside and away from home.
Health weighting moved to 6.1 from 3.0.
The NBS currently publishes Headline inflation, core and food inflation. Others new indices including services index (education, health transport, how are they increasing in price), energy index, farm produce index and tangible goods index will be released at the end of January 2025, according to the NBS.
The new inflation rate for January 2025 will be determined by the current prices in 2025 relative to the base year of 2024. It will capture changes in prices of more goods, that capture the current inflationary pressure as well as improvement in the methodology.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
 that releases key data on the Nigeria economy is set to release new Gross Domestic Product (GDP) Rebasing){kind=link}