Nigeria, Feb. 21 -- I spent the last few days trying hard to understand the on-going rebasing of the Nigerian economy starting with the rebasing of the consumer price index. I watched the statistician general of the country explain on television that the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities declined to 24.48 per cent year on year in January. Nonetheless, the Director-General of the National Bureau of Statistics (NBS) added that this does not mean prices have declined from the previous rate of 34.80 per cent which was the case up till the end of December last year. It simply means the numbers have been rebased from 2009 to 2024, brilliant explanation I guess. To reassure the scepti...
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