NIGERIA’S INFLATION DECLINES TO 24.48% AFTER CPI REBASING – NBS
18-02-25
By Sadiq Aminu The National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate declined to 24.48% in January 2025, following the rebasing of the Consumer Price Index (CPI). This marks a significant drop from 34.80% recorded in December 2024.
Speaking in Abuja at the launch of the rebased CPI report, Statistician General of the Federation, Prince Adeyemi Adeniran, attributed the decline to the adjustment of Nigeria’s inflation basket to align with international standards.
“This rebasing process allows statistical offices to introduce methodological enhancements to their computation procedures and ensure global best practices,” Adeniran explained. He noted that the last CPI rebasing in Nigeria was conducted in 2009, meaning the previous inflation calculations were based on outdated price trends.
The report also revealed a decline in food inflation, which stood at 26.08% year-on-year for January 2025, down from 39.84% in December 2024. The primary drivers of inflation remained food, beverages, clothing, and footwear.
Meanwhile, NBS Director of Communication and Public Relations, Mr. Sunday Ichedi, emphasized that the rebased CPI aims to provide accurate and reliable statistical data, reinforcing the agency’s commitment to transparency and accountability in economic reporting.