JUST IN: NBS TO ADD THREE NEW INDICES IN INFLATION REPORT
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The National Bureau of Statistics has announced that it will be adding three new indexes to its monthly Consumer Price Index.
This was disclosed on Thursday during the sensitisation workshop on GDP and CPI rebasing, organized by the Nigerian Economic Summit Group and the NBS in Lagos.
In October, the NBS revealed plans to rebase the GDP and CPI to better reflect current realities and account for changes in the economy’s structure.
These new indexes are expected to be included in the rebased CPI.
The head of Price Statistics at the NBS, Dr. Ayo Andrew, in his presentation said, “Apart from our normal headline inflation, core inflation, food inflation; the basics, we are going to include in the new CPI rebased that will be released this January another index that has never been released before.
“Number one is the services index. At what rate are the prices of services in Nigeria increasing? People want to know about (those figures) in education and transport.
“NBS will bring that on board by the end of this month. Also energy index, at what rate is price fluctuating in this sector?
“Farm produce index, what is the rate of price volatility of these products, and at what rate are prices of items in this sector moving? So these are the special indices that we are going to release at the end of this month.”
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