BREAKING: Nigeria’s Inflation Rate Falls To 24.48%

Nigeria’s inflation rate dropped significantly to 24.48% year-on-year in January 2025, according to the National Bureau of Statistics (NBS).

This is a sharp decrease from the 34.80% inflation rate recorded in December 2024 by Nigeria’s official statistician.

The Statistician-General of the Federation, Adeyemi Adeniran, revealed this new figure during a briefing in Abuja. He explained that the Consumer Price Index (CPI), which tracks changes in the prices of goods and services, had decreased in January. Urban inflation was recorded at 26.09%, while rural inflation stood at 22.15%.

Adeniran also noted that the prices of goods and services had declined from December’s 34.80%, which was calculated using the old measurement system. He added that the decline could be partly due to the rebasing of the CPI. This process updates the reference year and adjusts the list of goods and services to better reflect current consumer spending trends, providing a more accurate picture of the economy.

In terms of food inflation, the rebased figures showed a year-on-year decrease to 26.08% in January, compared to 39.84% in December. Core inflation, which excludes volatile items like agricultural products and energy, was recorded at 22.59% year-on-year.

The NBS emphasized that the rebased CPI gives a clearer view of Nigeria’s inflation rate and consumption patterns in the country today.

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