Nigeria’s headline inflation rate decreased to 24.48% year-on-year in January 2025, following the rebasing of the Consumer Price Index by the National Bureau of Statistics.
Channels Television reported that the Statistician-General of the Federation, Adeyemi Adeniran, announced the rebased inflation figures during a press briefing in Abuja on Tuesday.
According to the latest NBS report, urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%. The report highlights a decline in the general price level of goods and services compared to 34.80% in December 2024, which was calculated using the previous methodology.
Adeniran, the Statistician-General of the Federation, stated that the rebased Consumer Price Index involved updating the reference year to 2024 and adjusting the basket of goods and services used to measure inflation.
This revision ensures that inflation figures more accurately reflect Nigeria’s current economic conditions and consumer spending patterns.
The rebased food inflation index was 26.08% year-on-year in January 2025, down from 39.84% in December 2024 under the previous methodology.
This index tracks price changes in essential food items, which make up a large share of household spending in Nigeria.
The core inflation rate, which excludes volatile agricultural produce and energy prices, was 22.59% year-on-year in January 2025.
This decline indicates easing inflationary pressures in non-food sectors of the economy.
The decline in inflation may indicate improved economic stability, but it does not mean immediate price reductions.
Instead, it reflects a slower rate of price increases, providing some relief to households and businesses facing high costs.
