Nigeria’s inflation rate has dropped to 24.48% year-on-year in January 2025, according to the latest report from the National Bureau of Statistics (NBS).
The Statistician-General of the Federation, Adeyemi Adeniran, announced the figures during a press briefing in Abuja on Tuesday.
Adeniran explained that the Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, recorded a decline to 24.48% in January. He noted that urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%.
The decline in inflation was expected following the rebasing of the CPI. When the base year is “rebased,” it means that the reference year for comparison is changed to reflect more current prices and consumption patterns.
Adeniran emphasized that the new CPI calculation method provides a more accurate reflection of Nigeria’s inflationary trends. He reassured Nigerians that the data now better represents the cost of living and the consumption patterns of households across the country.
According to the NBS report, the rebased food inflation rate for January stood at 26.08% year-on-year, showing a notable decline compared to the 39.84% recorded in December 2024. Food inflation is a major factor affecting the cost of living, and this decrease signals a relative easing of price pressures on essential commodities.
Similarly, the rebased core inflation index, which excludes volatile items such as agricultural produce and energy, was recorded at 22.59% year-on-year in January. This suggests a general decline in inflationary pressure across various sectors of the economy.
