As part of its effort to provide data for informed decision making, the National Bureau of Statistics (NBS) is set to launch the Rebased Consumer Price Index (CPI) report.
Also, the NBS says it has almost completed the process of Rebasing or Re – Benchmarking of the Gross Domestic Product (GDP) and is set to launch the Report.
A statement signed by Director of Communication and Public Relations at NBS, Joel Ichedi, in Abuja on Monday, explained that the rebased CPI would be revealed by the end of the month.
Ichedi described CPI as a key macroeconomic indicator that reflected the movement of aggregate price levels in a country.
Ichedi explained that GDP represented the market value of all goods and services produced within a country during a given period.
He noted that the last CPI rebasing was conducted in 2009.
He emphasised the importance of rebasing the CPI regularly due to changes in consumption patterns over time, which necessitated an update of the items in the CPI basket.
“Since the last rebasing, the consumption pattern in Nigeria has changed significantly, as shown by changes in the proportion of household expenditures on items consumed in the recently conducted Nigeria Living Standards Survey (NLSS), 2023.
“A perfect example of this is the significant increase in the proportion of household expenditure on telecommunications compared to other items since the last rebasing of the CPI.
The director further explained that another reason for the CPI rebasing was to bring the price reference period (Base Year) closer to the current period, ensuring a more accurate reflection of current price movements.
GDP measures overall economic activity and signals the direction of economic growth. It is also a barometer for measuring the health of the economy. Furthermore, GDP is an internationally recognised indicator for comparing the size of the economies of the world.
“It is important that GDP is rebased from time to time because of several factors or reasons. One of such is the dynamism of the economy in terms of growth and recession. The dimensions of growth and recession need to be properly captured to give more insights into the economic situation of the country,” he said.
