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NBS Unveils Plans For Three New Indexes In Consumer Price Index
The National Bureau of Statistics (NBS) has announced the introduction of three new indexes into its monthly Consumer Price Index (CPI), a move aimed at aligning economic data with current realities.....KINDLY READ THE FULL STORY HERE▶
The announcement was made on Thursday during a sensitization workshop on GDP and CPI rebasing, jointly organized by the Nigerian Economic Summit Group and the NBS in Lagos.
In October, the NBS indicated its plan to rebase the GDP and CPI to better reflect structural changes and evolving economic conditions in Nigeria.
These new indexes are part of a broader initiative to improve the accuracy and relevance of the CPI, which measures inflation and price changes within the economy.
Dr. Ayo Andrew, Head of Price Statistics at the NBS, highlighted in his presentation that, “In addition to our traditional headline inflation, core inflation, and food inflation, we are introducing a new index that has never been released before in the rebased CPI to be released this January.
“Firstly, we will include a services index to track the rate at which prices for services such as education and transportation are increasing.
“Secondly, the energy index will capture fluctuations in prices within this sector.
“Lastly, the farm produce index will measure price volatility and changes in the cost of agricultural products. These special indices will be unveiled by the end of this month.”
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