Nigeria’s inflation rate has decreased significantly to 24.48% year-on-year in January 2025, according to the latest data from the National Bureau of Statistics (NBS).
The Statistician-General of the Federation, Adeyemi Adeniran, announced the new figure on Tuesday.
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He explained that the Consumer Price Index (CPI), which tracks the rate of price changes for goods and services, saw a decline in January.
Speaking at a briefing in Abuja, Adeniran highlighted that urban inflation was recorded at 26.09%, while rural inflation stood at 22.15%.
He noted that the overall prices of goods and services had decreased compared to December’s 34.80%, which was calculated using the old measurement system.
The decline is also attributed to the rebasing of the CPI, which involves updating the reference year and adjusting the basket of goods and services to reflect the current consumer spending trends, ensuring that inflation data accurately mirrors the economy’s realities.
In terms of food inflation, the rebased figures showed a year-on-year decrease to 26.08% in January, down from 39.84% in December.
Additionally, the rebased core inflation, which excludes volatile items such as agricultural products and energy, was recorded at 22.59% year-on-year.
The NBS emphasized that the rebased CPI offers a more accurate reflection of the inflationary pressures and consumption patterns of Nigerians today.