The National Bureau of Statistics (NBS) has reported a sharp drop in Nigeria’s inflation rate to 24.48% in January 2025, down from 34.8% in December 2024, following a rebasing of the Consumer Price Index (CPI).
According to the NBS, the recalibrated CPI now reflects a price reference period (base year) of 2024 and a weight reference period of 2023, ensuring that inflation figures better capture current economic realities.
“This means that the general prices of goods and services in Nigeria increased by 24.48% compared to January 2024,” the bureau stated.
Similarly, food inflation fell to 26.08% in January, down from 39.84% in December 2024, reflecting the adjusted food price index.
The rebasing follows an earlier announcement by Statistician General Adeyemi Adeniran in October 2024, where he emphasized the need to update the GDP and CPI to align with evolving economic conditions.
The NBS noted that the rebased CPI will offer more accurate inflation estimates, enabling governments, businesses, and households to make informed economic decisions.
