The Business NG - February 19, 2025

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Nigeria’s Inflation Drops to 24.48% After CPI Rebasing

The National Bureau of Statistics (NBS) has announced a sharp decline in Nigeria’s inflation rate, dropping from 34.8% in December 2024 to 24.48% in January 2025. This significant decrease follows the rebasing of the Consumer Price Index (CPI), a move the agency says was necessary to capture structural changes in the economy.

NBS Chief Executive Officer Adeyemi Adeniran explained that the rebasing, which now uses 2019 as the base year, resulted in lower inflation figures across key categories. Food inflation fell to 26.08% from 39.84%, while core inflation—excluding farm produce and energy—declined from 29.28% to 22.59%. Urban inflation dropped from 37.29% to 26.09%, while rural inflation also saw a decrease.

The rebasing aims to provide a more accurate measure of inflation and economic trends, reflecting changes in consumer spending patterns and economic dynamics.