Different Base Years For December, January Inflation Rates

The inflation rate for December 2024 will be calculated using the 2009 base year, while January 2025 inflation will be benchmarked against a new 2024 base year.

National Bureau of Statistics (NBS) is planning to release two different inflation rates this January.
Speaking during a workshop this January, the NBA said that

Dr. Ayo Andrew Anthony, Head of Price Statistics at NBS, disclosed that both December 2024 and January 2025 CPI figures will be published in January 2025. The December data will be released on January 15, while the January CPI will follow at the end of the month.

The transition reflects the ongoing rebasing of the Consumer Price Index (CPI), a measure popularly referred to as inflation, to better capture current consumption patterns and price trends.

The NBS disclosed the CPI release dates and calculation benchmark year during a sensitization workshop held at the Nigerian Economic Summit Group (NESG) building on January 9, 2024.