As Nigerians await the rebased Consumer Price Index (CPI) figures to be released by the National Bureau of Statistics (NBS) today, many are expecting the new figure to reflect a deceleration in price levels.
Why does rebasing the CPI matter?
According to the System of National Accounts (SNA), countries are expected to update their base year every 5 to 10 years to reflect changes in the structure of the economy or consumer behaviour.