NBS Updates CPI: Modern Consumption Patterns Transform Nigeria’s Inflation Data

The National Bureau of Statistics (NBS) has officially overhauled its approach to measuring inflation, discarding outdated consumption items and refreshing its Consumer Price Index (CPI) to reflect how Nigerians live and spend today. The move, described as long overdue, was revealed during a virtual stakeholder engagement hosted by the Nigerian Economic Summit Group (NESG) on December 2025 inflation figures.

Speaking at the event, Statistician-General of the Federation and NBS CEO, Mr. Adeyemi Adeniran, explained that the previous CPI basket was built around 2009 lifestyles and no longer captured current spending habits. “After 15 years, that basket could no longer tell the true story of prices in Nigeria,” Adeniran said, emphasizing that the update aligns inflation measurement with present-day realities.

The rebasing, completed in 2025 with 2024 as the new base year, involved a nationwide household expenditure survey covering all 36 states and the Federal Capital Territory. The survey revealed that Nigerians no longer spend on 201 items previously included in the CPI basket, such as black-and-white televisions, Nokia 3310 phones, and older Motorola handsets. “It is not NBS that woke up and removed items,” said Dr. Ayo Anthony, Director of Price Statistics. “People did not report spending on them for 12 months.”

In their place, 404 new products reflecting contemporary consumption—ranging from smartphones to modern household goods—have been added, expanding the CPI basket to 934 items. According to NBS, this adjustment ensures inflation data now better mirrors daily realities, technological adoption, and evolving household needs across Nigeria.

While the update provides a clearer picture, NBS acknowledged potential technical challenges, such as a temporary spike in December 2025 inflation due to the base year change. Adeniran explained that international best practices were applied to normalize the figures and prevent misinterpretation. NESG CEO Dr. Tayo Aduloju welcomed the rebasing, noting that credible, updated data is critical for policy-making, investment decisions, and building confidence in Nigeria’s economic reforms.

source: vanguard