Nigeria’s inflation rate has significantly decreased to 24.48% year-on-year in January 2025, according to the latest data released by the National Bureau of Statistics (NBS).
NaijaReporter understands that this represents a sharp drop from the 34.80% recorded in December 2024.
The Statistician-General of the Federation, Adeyemi Adeniran, revealed this figure on Tuesday, explaining that the Consumer Price Index (CPI), which tracks changes in the prices of goods and services, saw a decline in January.
Adeniran noted that urban inflation was recorded at 26.09%, while rural inflation stood at 22.15%. He further explained that the overall prices of goods and services had reduced when compared to December’s inflation rate, which was calculated based on the previous measurement system.
The decline in inflation is also attributed to the rebasing of the CPI. This process involved updating the reference year and adjusting the basket of goods and services to better reflect current consumer spending trends, offering a more accurate picture of the economy’s realities.
In terms of food inflation, the rebased figures revealed a year-on-year decrease to 26.08% in January, down from 39.84% in December.
Furthermore, 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 updated CPI now provides a more precise reflection of inflationary pressures and the consumption habits of Nigerians today.