The Nation
Nigeria’s inflation rate drops to 24.48% after CPI rebasing – NBS
The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s headline inflation rate, which fell to 24.48% in January 2025 from 34.8% in December 2024, following the rebasing of the Consumer Price Index (CPI).
In a statement released today, NBS explained that the CPI update reflects a new price reference period (2024) and weight reference period (2023), ensuring a more accurate representation of inflationary trends in the country.
According to NBS, the food inflation rate also dropped to 26.08% in January 2025 from 39.84% in December 2024, indicating a relative slowdown in food price increases.
This development follows an earlier announcement in October 2024 by the Statistician General of the Federation, Adeyemi Adeniran, who disclosed plans to rebase both the Gross Domestic Product (GDP) and CPI to align with Nigeria’s evolving economic structure.
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