NBS faces criticism over planned inflation data adjustment
The National Bureau of Statistics (NBS) has announced plans to ‘normalise’ Nigeria’s inflation data due to a projected spike in the Consumer Price Index. The adjustment is linked to technical base effects from a recent rebasing of the inflation series, not actual economic changes. Adeyemi Adeniran, Statistician General of the NBS, emphasized transparency and the need to communicate these statistical effects to stakeholders. Some analysts and economists have raised concerns about the credibility and reliability of the NBS’s figures.
TLDR
- NBS plans to normalise inflation data to address an expected artificial spike caused by rebasing the Consumer Price Index.
- The rebasing exercise adopted 2024 as the new base year, replacing the previous 2009 base, after a 15-year gap.
- Over 400 new products were added and more than 200 items removed from the CPI basket, creating statistical complications.
- Technical partners, including the International Monetary Fund and World Bank, were consulted on the adjustment process.
- Critics, including Marcel Okeke and Adetilewa Adebajo, have questioned the credibility and comparability of the adjusted inflation figures.
