The National Bureau of Statistics (NBS) announced today that Nigeria’s headline inflation rate dropped by 10.32 percentage points to 24.48 percent in January 2025 from 34.8 percent in December 2024, following the rebasing of the Consumer Price Index (CPI).
In a statement addressing the CPI report for January, NBS stated that the rate reflects an updated price reference period (base year) of 2024 and a weight reference period of 2023.
NBS said: “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 percent in January 2025. This means that the general prices of goods and services in Nigeria increased by 24.48 percent compared to January 2024.”
The food inflation rate also fell to 26.08 percent in January 2025 from 39.84 percent in December 2024.
“The rebased Food Index in January 2025 was 110.33, while the food inflation rate on a year-on-year basis stood at 26.08 percent in January 2025. This means that the general prices of food items in Nigeria increased by 26.08 percent compared to January 2024.”
In October 2024, the Statistician General of the Federation and Chief Executive Officer of NBS, Adeyemi Adeniran, announced plans to rebase the Gross Domestic Product (GDP) and Consumer Price Index (CPI) to reflect current economic realities and account for structural changes.
According to the Bureau, the rebased CPI produces estimates that reflect the current inflationary pressure and consumption patterns of people living in Nigeria.
“With the reviewed CPI basket and adaptation of enhanced methods of compilation and computation, the CPI figures provide the needed information for the government, firms, and households to make informed decisions on matters related to price levels and changes in prices,” NBS stated.