*Nigeria’s National Bureau of Statistics announces the country’s headline inflation dropped to 24.48 percent year-on-year January 2025, a sharp decline from the 34.80 percent headline inflation recorded December 2024, in accordance with the Consumer Price Index rebasing

Isola Moses | 绿帽献妻

The National Bureau of Statistics (NBS) says the country’s headline inflation dropped to 24.48 percent year-on-year January 2025.

This development is a sharp decline from the 34.80 percent headline inflation recorded December 2024, in line with the Consumer Price Index (CPI) rebasing.

绿帽献妻 reports CPI rebasing means updating the reference year used to gauge price levels in the West African country.

The NBS stated: “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and weight reference period of 2023.”

It also explained the , as follows:

• Food Inflation rate stood at 26.08%
• Core Inflation rate stood at 22.59%
• Urban Inflation rate stood at 26.09%
• Rural Inflation rate stood at 22.15%

Special indices introduced and their inflation rates. (Base Period: 2024 = 100)

• Farm Produce – 10.50%
• All items less farm produce- 10.70%
• Energy index – 8.9%
• Services Index – 10.41%
• Imported food index – 11.47%

Speaking on the new rebased inflation rate, Adeyemi Adeniran, Statistician-General of the Federation/Chief Executive Officer (CEO) of NBS, announced this development during a briefing Tuesday, February 18, 2025, in Abuja, FCT.

Adeniran said the Consumer Price Index, which measures the rate of change in prices of goods and commodities, had declined to 24.48 percent year-on-year January 2025.

The Statistician-General of the Federation further noted that urban inflation stood at 26.09 percent while rural inflation came to 22.15 percent.

The general prices of goods and services in the country declined, compared to the 34.80 percent December 2024, which used the old template, he stated.

According to Adeniran, the rebasing was to keep up with international standards.

The NBS as well noted this is essentially changing the basket of goods and services used to measure inflation to better reflect current consumer spending patterns and ensure the inflation data reflects the economy鈥檚 current.

According to the CPI figures for the period under review, the rebased food inflation stood at 26.08 percent year-on-year January this year, representing a decline in the food index, when compared with 39.84 percent year-on-year recorded in the preceding month.

Likewise, the rebased core index, which excludes the prices of volatile agricultural produce and energy stood at 22.59 percent year-on-year January 2025.

The rebased CPI, NBS stated, reflects the current inflationary pressure, and consumption pattern of Nigerian consumers.[

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