Lagos - Still basking in the euphoria of the rebasing of its GDP, which makes it Africa’s largest economy, Nigeria is planning to reweight its inflation index to reflect the impact of non-food items on prices more accurately.
The reweight will take into account the growing middle class with rising incomes, reports ThisDay.
Yemi Kale, the Statistician of the Federation, said the plan is to reweight the inflation index to 2009 from 2004 to reflect the true macroeconomic picture of Nigeria.
He noted that the size of Nigeria’s middle class has expanded with its consumption patterns changing in favour of capital goods like cars with less being spent comparatively on food.
Read more at ThisDay.
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