From Isaac Anumihe, Abuja
Following rising inflationary trend in the country, the Federal Government said it is considering to arrest the ugly situation by rebasing the Consumer Price Index (CPI).
This will involve a total reconstruction of the consumer basket of items.
The government will also carry out a digital updating of the list of market outlets across the country.
Speaking at the closing of the pilot phase of the Consumer Price Index (CPI) Digitisation Project, in Abuja, the Statistician General of the Federation (SG), Prince Semiu Adeyemi Adeniran, said that in a system characterised by economic uncertainties, there’s need for a reliable price data.
“Price statistics, embodied within the Consumer Prices Index, are the guiding compass of our economic policies. They form the pulsating heartbeat of our fiscal strategies, exerting a profound influence on decisions that resonate across businesses, touch the lives of consumers, and shape the overall well-being of our society. In a global landscape characterised by economic uncertainties, the imperative for reliable and comprehensive price data cannot be overstated.
“The Consumer Prices Index, as an accurate representation of the cost of living, plays a pivotal role in illuminating the economic path we tread. It is not merely a compilation of numbers; it is a dynamic narrative that informs us about the purchasing power of our citizens, the stability of our markets, and the resilience of our economy in the face of challenges.
“Hence the need for accurate and good quality information on the prices citizens pay at the markets. The goods and services they consume is imperative, and the digitisation of the process, using the survey application presents a suitable solution in this regard,” he said.
According to the Statistician General (SG), the bureau plans to digitise the process of producing and reporting the data faster.
“Furthermore, in this era where time is of great essence, the significance of timely data cannot be overemphasised. This digitisation will allow for real-time entry and analysis of price statistics in the field, thereby enhancing our ability to report the data faster, providing policymakers with the ability to respond swiftly to economic shifts and issues; enabling proactive decision-making that can mitigate the impact of inflation and engender sustainable economic growth,” he said.
Recall that for over 10 months now, inflation has continued to rise unabated with the October rate hitting 27.33 per cent.
September of the same year was 26.72 per cent relative to the August 2023 headline inflation rate which was 25.80 per cent. While July inflation was 25.80 per cent, June was 22.79 per cent.