Nigerians will receive two different inflation reports for December 2025, as the National Bureau of Statistics (NBS) implements changes to its Consumer Price Index (CPI) methodology. The dual release stems from the rebasing of the CPI, a process undertaken to reflect the evolving consumption habits of the population.

The Statistician-General of the Federation and Chief Executive Officer of NBS, Mr. Adeyemi Adeniran, explained that the rebasing, which uses 2024 as the new base year, was necessary to align inflation measurement with current realities.

Speaking at a virtual stakeholder engagement with the Nigerian Economic Summit Group (NESG), Adeniran stated, “We were still tracking inflation with a basket built around a 2009 lifestyle. After 15 years, that basket could no longer tell the true story of prices in Nigeria. This rebasing allows inflation data to reflect what people actually consume today.”

The rebasing exercise involved updating the basket of goods and services used to calculate the CPI, incorporating items that are now more prevalent in Nigerian households and removing those that are no longer widely consumed. This is Nigeria’s first CPI rebasing in 15 years, significantly exceeding the five-year cycle recommended by international standards. The previous base year was 2009.

The NBS has not yet clarified how the two December inflation figures will be presented or used. Market watchers believe that the new inflation rate, calculated using the rebased CPI, will provide a more accurate picture of the current inflationary pressures in the economy. This is expected to inform monetary policy decisions and provide a clearer understanding of the cost of living for average Nigerians.

The release of the dual inflation figures is keenly awaited by economists, policymakers, and businesses alike. The updated CPI is expected to provide a more reliable basis for economic analysis and forecasting, ultimately contributing to more informed decision-making across various sectors of the Nigerian economy.