Nigeria’s headline inflation rate declined to 24.48% year-on-year in January 2025, marking a sharp drop from 34.80% recorded in December 2024, according to the National Bureau of Statistics (NBS).
The Statistician-General of the Federation, Adeyemi Adeniran, announced the latest figures on Tuesday during a briefing in Abuja. He explained that the Consumer Price Index (CPI)—which measures the rate of change in prices of goods and services—reflected a significant decline following a recent rebasing of the inflation calculation methodology.
“The general prices of goods and services in the country declined compared to the 34.80% recorded in December, which used the old template,” Adeniran stated.
Breaking down the figures, urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%. The rebased food inflation rate fell to 26.08% year-on-year in January, a substantial drop from 39.84% in December. Similarly, the core inflation index, which excludes volatile agricultural produce and energy prices, stood at 22.59% year-on-year.
The NBS emphasized that the CPI rebasing was necessary to update the reference year and basket of goods and services used in inflation measurement. This adjustment ensures that inflation data more accurately reflects current consumer spending patterns and economic conditions.
