Nigeria’s Inflation Drops To 24.48% After CPI Rebasing – NBS

The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate decreased from 34.8 per cent in December 2024 to 24.48 per cent in January 2025 following the rebasing of the consumer price index (CPI).

The NBS revealed in its CPI report for January published on Tuesday that the rate represented an increase of 18.12 per cent compared to the 29.9 per cent recorded in January 2024.

The statistician-general of the federation and chief executive officer (CEO) of NBS, Adeyemi Adeniran, had announced plans to rebase the GDP and CPI to reflect current realities and account for structural changes in the economy in October 2024.

On January 9, the NBS said 2019 was picked as the rebase year because “other sector-specific administrative data for this period were collected.”

It added that rebased data would be released before the month ends.

In its latest CPI report, Adeniran said: “The all-items index which is used to measure headline inflation for January 2025 was 110.7, resulting in a headline inflation rate of 24.48% on a year-on-year basis.”

“This increase was mainly driven by Food and Non-Alcoholic Beverages, Restaurants and Accommodation Services and Transport,” Adeyemi adde.

“The Food Index for January 2025 was 110.03, resulting in a Food Inflation rate of 26.08% year-on-year.

“The Core Index which is All-Items less farm produce and energy for January 2025 was 110.7, which gave rise to a Core Inflation rate of 22.59% year-on-year.

“Disaggregating by sector, the Urban inflation rate was 26.09%, while the Rural Inflation rate was 22.15%.

“In line with improvements made to the reporting of the CPI, going forward, NBS will be publishing some new special indices to inform policymakers.

“These special indices include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index.

“For January 2025, these new special indices produced the following inflation rate (please note that these rates are not year-on-year rates as the headline rates mentioned above) as these indices are new, the year-on-year rates will commence from January 2026, while the month-on-month rates will commence in February 2025,” he stated.