The National Bureau of Statistics (NBS) announced today that the headline inflation rate in Nigeria decreased by 10.32 percentage points, reaching 24.48 percent in January 2025.
This marks a notable drop from the 34.8 percent recorded in December 2024. The decline follows the recent rebasing of the Consumer Price Index (CPI), which has provided a revised measure of inflation.
In a statement released alongside the CPI report for January, the NBS explained that the updated inflation rate reflects a new price reference period (base year) of 2024, as well as a weight reference period based on 2023 data.
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 per cent in January 2025.
“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024.”
NBS also said that the food inflation rate fell to 26.08 per cent in January 2025 from 39.84 per cent 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 per cent in January 2025.
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“This means that the general prices of food items in Nigeria increased by 26.08 per cent compared to January 2024.”
In October 2024, Adeyemi Adeniran, the Statistician General of the Federation and Chief Executive Officer (CEO) of the National Bureau of Statistics (NBS), revealed plans to rebase both the Gross Domestic Product (GDP) and Consumer Price Index (CPI) to better align with current economic realities and capture structural changes in the economy.
The NBS stated that the newly rebased CPI provides more accurate estimates, reflecting the present inflationary pressures and the consumption patterns of people living in Nigeria.
It added, ”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.”
 announced today that the headline inflation rate in Nigeria decreased by 10.32 percentage points, reaching 24.48 percent in January 2025.){kind=link}