https://en.sputniknews.africa/20250327/new-way-of-measuring-inflation-what-changed-and-why-it-matters-to-nigerians-1071301291.html
New Way of Measuring Inflation: What Changed and Why It Matters to Nigerians
New Way of Measuring Inflation: What Changed and Why It Matters to Nigerians
Sputnik Africa
The National Bureau of Statistics has rebased Nigeria’s Consumer Price Index (CPI) from 2009 to 2024, dropping the reported inflation rate from 34.80% to... 27.03.2025, Sputnik Africa
2025-03-27T15:49+0100
2025-03-27T15:49+0100
2025-03-27T15:49+0100
african currents
podcasts
sputnik africa
nigeria
abuja
economy
inflation
central africa
east africa
north africa
https://cdn1.img.sputniknews.africa/img/07e9/03/1b/1071308849_0:88:400:313_1920x0_80_0_0_442dd5b84606ff70aebd1ff4a0ca5383.jpg
New Way of Measuring Inflation: What Changed and Why It Matters to Nigerians
Sputnik Africa
The National Bureau of Statistics has rebased Nigeria’s Consumer Price Index (CPI) from 2009 to 2024, dropping the reported inflation rate from 34.80% to 24.48%. The move aims to reflect current economic realities, improve credit rating and investor decision-making, and help policymakers tackle the cost-of-living crisis more effectively.
Nigeria has taken steps to improve how it tracks and reports inflation, offering a clearer picture of rising prices and how they affect everyday life. By updating the method used to calculate the CPI, the country now reports a lower inflation rate, not because goods have suddenly become cheaper, but because the data now better reflects the structure of today’s economy. The recalibration marks a move toward more accurate economic reporting, laying the groundwork for better strategies to manage inflation and support sustainable growth.To better understand the recent inflation rate rebasing and its wide-reaching effects, African Currents spoke with Dr. Taiwo Hassan Odugbemi, lecturer in economics at the University of Abuja, Nigeria, about what it means for citizens and the country’s broader economic strategy.To find out what else our guest had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Pocket Casts, Afripods, Podcast Addict.► Check out all the episodes of African Currents.
nigeria
abuja
central africa
east africa
north africa
southern africa
west africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
Chimauchem Nwosu
https://cdn1.img.sputniknews.africa/img/07e8/06/0b/1066992175_0:0:278:278_100x100_80_0_0_b5f6eaa3b85dbfcd0266ea860848a996.jpg
Chimauchem Nwosu
https://cdn1.img.sputniknews.africa/img/07e8/06/0b/1066992175_0:0:278:278_100x100_80_0_0_b5f6eaa3b85dbfcd0266ea860848a996.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Chimauchem Nwosu
https://cdn1.img.sputniknews.africa/img/07e8/06/0b/1066992175_0:0:278:278_100x100_80_0_0_b5f6eaa3b85dbfcd0266ea860848a996.jpg
podcasts, sputnik africa, nigeria, abuja, economy, inflation, central africa, east africa, north africa, southern africa, west africa, аудио
podcasts, sputnik africa, nigeria, abuja, economy, inflation, central africa, east africa, north africa, southern africa, west africa, аудио
New Way of Measuring Inflation: What Changed and Why It Matters to Nigerians
The National Bureau of Statistics has rebased Nigeria’s Consumer Price Index (CPI) from 2009 to 2024, dropping the reported inflation rate from 34.80% to 24.48%. The move aims to reflect current economic realities, improve credit rating and investor decision-making, and help policymakers tackle the cost-of-living crisis more effectively.
Nigeria has taken steps to improve how it tracks and reports inflation, offering a clearer picture of rising prices and how they affect everyday life. By updating the method used to calculate the CPI, the country now reports a lower inflation rate, not because goods have suddenly become cheaper, but because the data now better reflects the structure of today’s economy. The recalibration marks a move toward more accurate economic reporting, laying the groundwork for better strategies to manage inflation and support sustainable growth.
To better understand the recent inflation rate rebasing and its wide-reaching effects, African Currents spoke with Dr. Taiwo Hassan Odugbemi, lecturer in economics at the University of Abuja, Nigeria, about what it means for citizens and the country’s broader economic strategy.
"The expanded CPI methodology improves measurement accuracy by looking at some factors and content. For instance, before the rebasing, we captured 714 items in CPI basket. I mean, the number of products. But, in this rebasing, it has been increased from 714 items to 934 items, according to the data from NBS. That means more items have been captured in this new rebasing. And also, there was tracking of price changes in new sectors, such as telecommunications, fintech, e-commerce, which were not as prominent in 2009, which was based year we are using before," Dr. Odugbemi said.
To find out what else our guest had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.
In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of African Currents. 
