Nigeria, Feb. 19 -- In October 2024, when the National Bureau of Statistics (NBS) announced its plan to rebase both the Gross Domestic Product (GDP) and Consumer Price Index (CPI), there was a palpable sense of relief across Nigeria. Both measures of economic performance were outdated in terms of their components and the contributions to their respective data series. In other regions, it is standard practice to update these data series every five years.

Yesterday, the National Bureau of Statistics finally published the new CPI data series. Besides moving the price reference period (base year) from 2009 to 2024, the NBS also revised both the composition of the consumer basket of goods and services and the respective weights assigned to th...