The National Bureau of Statistics (NBS) has addressed concerns over the removal of historical data from the re-uploaded February inflation report, asserting that the final inflation figures were not affected by the change.
Earlier, it was reported that the initial February inflation report was taken down and re-uploaded without the historical consumer price index (CPI) data, leading to concerns about transparency and data accuracy.
In a statement issued on Tuesday, Folorunso Alesanmi, the acting director of communications and public relations at the NBS, clarified that the removal of the historical CPI data did not impact the final inflation figures. He reaffirmed the agency’s commitment to “transparency and quality data publication,” stating that the rebased CPI figures remain consistent with the earlier estimates.
Alesanmi explained that the exclusion of historical CPI data was a result of the recent rebasing exercise, which changed the base year from 2009 to 2024. As a result, the old and new CPI series are “not directly comparable,” necessitating adjustments in the data presentation.
“The template that was erroneously uploaded was not the actual report but rather a worksheet, and it had no effect on the final outcome,” Alesanmi stated.
He went on to explain that the rebased CPI now uses 2024 as the price reference period (base year), utilizing a 12-month average of prices in 2024, rather than focusing on a single month. This re-basing process ensures that inflation trends can be accurately tracked year-on-year, starting from January 2025.
Inflation Figures Remain Unchanged
Alesanmi confirmed that the inflation figures for December 2024 remain at 34.8% year-on-year (YoY) and 2.44% month-on-month (MoM), as previously published. He clarified that while the old CPI series ended in December 2024, the new CPI series begins from January 2025.
For January 2025, Alesanmi also addressed the reported 10.7% inflation rate, explaining that this figure was not a month-on-month figure but rather a computed rate reflecting changes in average prices compared to the entire year of 2024. The official MoM inflation rate for the new CPI series began in February 2025 at 2.04%.
Changes in the CPI Methodology
The acting director also highlighted that the rebased CPI now includes about 500 new products, an updated classification system (which now includes 13 divisions instead of 12), and improved compilation methods. Due to these changes, some figures for the first month (January 2025) may differ from past trends.
“These adjustments are to be expected when transitioning to a new CPI methodology, especially after a long period since the last rebasing exercise,” Alesanmi remarked.
Looking ahead, Alesanmi stated that the NBS would publish both the new and old CPI series to ensure that users have access to complete and comprehensive information.
