JUST IN: Nigeria’s inflation rate declines to 24.48 percent

Nigeria’s headline inflation rate has dropped to 24.48 percent year-on-year in January 2025, marking a significant decline from the 34.80 percent recorded in December 2024.

This was revealed by the National Bureau of Statistics (NBS), with the announcement made by the Statistician-General of the Federation, Adeyemi Adeniran, during a briefing in Abuja on Tuesday.

Adeniran explained that the Consumer Price Index (CPI), which tracks the rate of price changes in goods and services, fell to 24.48 percent year-on-year in January.

Urban inflation was recorded at 26.09 percent, while rural inflation stood at 22.15 percent.

He attributed the decline in general price levels to adjustments in the CPI’s calculation, which previously used an older template.

The rebasing of the CPI involved updating the reference year and adjusting the basket of goods and services used to measure inflation, ensuring the data better reflects current consumer spending patterns and the economy’s realities.

The rebased CPI figures for January showed food inflation at 26.08 percent year-on-year, a notable reduction from the 39.84 percent recorded in December.

Similarly, the rebased core index, which excludes volatile agricultural produce and energy prices, stood at 22.59 percent year-on-year.

According to the NBS, the rebased CPI provides a more accurate reflection of inflationary pressures and consumption patterns in the country.