Leadnaija
This is a significant feature of the highly anticipated report on the rebasing of the Consumer Price Index (CPI), which the National Bureau of Statistics (NBS) is set to unveil today.
The re-evaluation of the Consumer Price Index (CPI) incorporated significant enhancements to its methodologies, widened the scope of product categories and food options, and adopted a more recent base year.
As per the Consumer Price Index data for the reported period, the adjusted food inflation rate for January was 26.08 percent on a year-over-year basis. This marks a decrease in the food index compared to the 39.84 percent year-over-year figure recorded in the previous month.
In a similar vein, the adjusted core index, which omits the costs of fluctuating agricultural products and energy, registered a year-on-year increase of 22.59 percent in January, compared to 29.28 percent in the previous month.
The adjusted urban inflation rate is currently at 26.09 percent year-on-year, a decrease from 37.29 percent in December.
Furthermore, based on the revised template, rural inflation was recorded at 22.15 percent year-on-year during the review period. In contrast, when utilizing the previous methodology, it had reached 32.47 percent in December.
