NBS Vows Transparency Amid Inflation Data Controversy, Clarifies Rebasing Process
The National Bureau of Statistics (NBS) has moved to quell growing concerns over its inflation reporting methods, pledging enhanced transparency after confusion arose from its recent Consumer Price Index (CPI) rebasing exercise.
Data Integrity Assurances
In an official statement, Acting Director of Communications Folorunso Alesanmi confirmed the bureau’s commitment to “quality data publication,” emphasizing that the rebased CPI methodology remains unchanged despite technical adjustments.
The clarification follows public scrutiny after the NBS reuploaded February’s inflation report without historical comparative data – a move misinterpreted by some analysts as potential data manipulation.
“The template initially shared was an internal worksheet, not the final report,” Alesanmi explained. “Historical data remains accessible in prior publications, though direct comparisons between old (2009-based) and new (2024-based) series are statistically incompatible.”
Breaking Down the Numbers
Key figures under the revised framework:
- January 2025 inflation: 24.48% (year-on-year)
- February 2025 inflation: 23.18% (year-on-year), 2.04% (month-on-month)
- December 2024 benchmark: 34.80% (final reading under old methodology)
The bureau clarified that January’s reported 10.7% figure represented price changes relative to 2024’s annual average – not a month-on-month calculation, which only commenced in February.
Why the Rebasing Matters
The updated CPI introduces critical improvements:
- Expanded basket: 500+ new goods/services added
- Modernized classification: 13 divisions (up from 12)
- Enhanced computation: More granular price collection techniques
“These methodological upgrades were overdue after 15 years,” Alesanmi noted, acknowledging initial discrepancies in January’s data. “Such transitional variances are expected when shifting to a more robust system.”
Moving Forward: Dual Reporting
To maintain public trust, the NBS will now:
- Publish parallel old/new series datasets
- Provide detailed technical guides for data users
- Host quarterly stakeholder briefings on methodology
Economists have largely welcomed the changes, with Dr. Sarah Alade of the Centre for Economic Policy Research stating: “Rebasing aligns Nigeria with global best practices, though the NBS must prioritize seamless communication during this transition.”
The bureau’s next inflation report, due March 15, will serve as the first comprehensive test of its renewed transparency pledge.
