The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate decreased from 34.8 per cent in December 2024 to 24.48 per cent in January 2025 following the rebasing of the consumer price index (CPI). The NBS revealed in its CPI report for January published on Tuesday that the rate represented an increase of […]
Nigeria's inflation rate decreased to 24.48% in January 2025 from 34.8% in December 2024, following a Consumer Price Index (CPI) rebasing. The National Bureau of Statistics (NBS) reported this in their January CPI report. The rebasing, which uses 2019 as the reference year, reflects current economic realities. Key drivers of the increase included Food and Non-Alcoholic Beverages, Restaurants and Accommodation Services, and Transport. The Food Index stood at 26.08%, while the Core Index was 22.59%. Urban areas saw 26.09% inflation, compared to 22.15% in rural areas. The NBS will introduce new indices, including Farm Produce, Energy, Services, Goods, and Imported Food, with year-on-year rates starting in January 2026.
