NBS Set to Revise Inflation Calculation Methodology

The National Bureau of Statistics (NBS) of Nigeria will report inflation rates for December 2024 using a 2009 base year, while January 2025 will use a new 2024 base year, reflecting a significant rebasing of the Consumer Price Index (CPI). This change aims to better align the CPI with current consumption patterns and includes expanding the basket of items from 740 to 960. The NBS plans to release both inflation figures in January 2025, with the December data available on January 15. In Argentina, the National Institute of Statistics and Censuses (INDEC) reported a December inflation rate of 2.7%, marking a decrease from 2.4% in November. Political leaders have praised these figures as a sign of economic stability, despite criticism regarding the context of worker salaries. Overall, both countries are experiencing shifts in inflation measurement and reporting, reflecting broader economic strategies.