JUST IN: Nigeria’s Inflation Rate Drops to 24.48% in January – NBS

Nigeria’s inflation rate has declined to 24.48 percent year-on-year in January 2025, marking a significant drop from the 34.80 percent recorded in December 2024. This was revealed by the National Bureau of Statistics (NBS) during a press briefing in Abuja on Tuesday.

Statistician-General of the Federation, Adeyemi Adeniran, explained that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, showed a decrease following the rebasing of the index. Urban inflation was recorded at 26.09 percent, while rural inflation stood at 22.15 percent.

Adeniran highlighted that the rebasing process, which updates the reference year and adjusts the basket of goods and services used for inflation measurement, has provided a more accurate reflection of consumer spending patterns in Nigeria. As a result, the rebased food inflation index was reported at 26.08 percent year-on-year in January, a notable decline from 39.84 percent in December.

Similarly, the rebased core index, which excludes volatile agricultural produce and energy prices, was measured at 22.59 percent year-on-year in January. The NBS emphasized that the new CPI methodology better captures the current inflationary pressures and consumption behaviors in the country.