NBS rebases CPI to reflect modern consumption, addresses December inflation spike
The National Bureau of Statistics (NBS) has overhauled Nigeria’s Consumer Price Index (CPI) to better capture contemporary household spending patterns, while also announcing measures to adjust December 2025 inflation figures that were projected to spike artificially.
Speaking at a stakeholder engagement with the Nigerian Economic Summit Group (NESG) on Monday, Statistician-General and NBS Chief Executive Officer, Adeyemi Adeniran, said the rebasing was necessary to align inflation measurement with current realities.
“We were still tracking inflation with a basket built around a 2009 lifestyle,” Adeniran said. “After 15 years, that basket no longer reflected the true story of prices in Nigeria. This rebasing allows inflation data to represent what people actually consume today.”
The CPI update, completed in 2025 with 2024 as the new base year, added 404 new products—including modern technologies and evolving household goods—while removing 201 outdated items such as black-and-white televisions and old mobile phones. The CPI basket now includes 934 items, up from around 740, providing a more accurate reflection of Nigerian consumption.
Adeniran warned, however, that the rebasing could create technical “base effects” that might make December 2025 inflation appear inflated. “The expected spike is largely arithmetic, not reflective of underlying economic changes,” he said. To prevent misinterpretation, the NBS will implement a normalisation process, averaging CPI data from January to December 2024 rather than using December 2024 alone as a reference.
Dr Ayo Anthony, Director of Price Statistics at NBS, explained that linking the new CPI series to the old one was technically complex but necessary for continuity in year-on-year comparisons. “Without adjustment, the December figure could mislead stakeholders about the true state of the economy,” he said, adding that the methodology aligns with global best practice.
Nigerian Economic Summit Group (NESG) Chief Executive Officer, Dr Tayo Aduloju, welcomed the update, highlighting the importance of credible inflation data for economic policy, investor confidence, and wage and fiscal planning. “During this transition from economic stabilisation to consolidation, reliable statistics are crucial for understanding inflation dynamics rather than reacting mechanically to headline figures,” he said.
The NBS emphasised that the adjustment process was carried out in consultation with international partners, including the IMF, World Bank, and Central Bank of Nigeria. The agency said the base effect will no longer influence inflation calculations from January 2026, and reassured stakeholders that transparency and clear communication remain central to its operations.
