The National Bureau of Statistics (NBS) announced today that Nigeria’s headline inflation rate dropped to 24.48% in January 2025 from 34.8% in December 2024, following the rebasing of the Consumer Price Index (CPI).
In its CPI report for January, the NBS stated that the updated rate reflects a new price reference period (base year) of 2024 and a weight reference period of 2023.
“The rebased All Items Index in January 2025 stood at 110.68, while the year-on-year headline inflation rate was 24.48%. This means that the general prices of goods and services in Nigeria increased by 24.48% compared to January 2024,” the NBS explained.
Food inflation also declined, falling to 26.08% in January 2025 from 39.84% in December 2024.
“The rebased Food Index in January 2025 was 110.33, and the year-on-year food inflation rate stood at 26.08%, indicating that food prices rose by 26.08% compared to January 2024,” it added.
In October 2024, the Statistician General of the Federation and NBS CEO, Adeyemi Adeniran, announced plans to rebase the Gross Domestic Product (GDP) and CPI to reflect current economic conditions and structural shifts.
The NBS emphasized that the rebased CPI provides inflation estimates aligned with present consumption patterns and price pressures in Nigeria.
“With the revised CPI basket and enhanced compilation methods, the new figures offer critical data to help the government, businesses, and households make informed decisions regarding price levels and changes,” the Bureau stated.
