The World Bank, in collaboration with the National Bureau of Statistics (NBS) and the Delta State Government, has trained statisticians on modern approaches and global best practices for compiling the Consumer Price Index (CPI).
The three-day workshop in Asaba focused on equipping participants with the latest knowledge and techniques to ensure accurate measurement of inflation and price changes. It also considered the rebasing of the price reference period to align more closely with current economic realities.
The State Director of Statistics, Nkechi Maduemezia, on Monday in Asaba, said that the three-day workshop was also to consider the rebasing of the price reference period to bring it closer to the current realities.
Maduemezia, while welcoming the participants, said the workshop was specially organised to train the statisticians on global best practices and latest trends in CPI compilation.
According to her, the CPI produces estimates that reflect the current inflationary pressure and consumption pattern of people in the country.
She commended World Bank, NBS for the initiative, adding that 25 participants took part in the training.
One of the Resources Persons, Mrs Nkem Musa, emphasised that the essence of the workshop was to ensure harmonisation of concept of CPI.
She emphasised that the CPI plays a vital role in tracking inflation, calculating inflation rates, shaping socio-economic and monetary policies, adjusting wages and salaries, and providing essential data for price stabilisation strategies.
The participants were also trained on the latest Classification of Individual Consumption by Purpose (COICOP), how to conduct the Household Expenditure Survey before coming up with the CPI basket and others.
