NBS says Nigeria’s inflation rate drops to 24.48%

Our reporter|Nigeria’s headline inflation has dropped to 24.48% year on year in January 2025, the National Bureau of statistics said on Tuesday.

This is a sharp decline from the 34.80% headline inflation recorded in December 2024.

The Statistician-General of the Federation Adeyemi Adeniran, who announced this at a press briefing in Abuja said the Consumer Price Index (CPI) – which measures the rate of change in prices of goods and commodities – has declined to 24.48% year on year in January.

Adeniran explained that urban inflation stood at 26.09 per cent while rural inflation came to 22.15%.

He said that the general prices of goods and services in the country declined, compared to the 34.80% in December, which used the old template. According to him, the rebasing was to keep up with international standards.

CPI rebasing means updating the reference year used to gauge price levels in the country. 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’s current.

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

Earlier in the month, the governor of the Central Bank of Nigeria (CBN) Yemi Cardoso restated the apex bank’s resolve to push down inflation in the country and stabilise the economy.

“Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence.

“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” Cardoso said during a Monetary Policy Forum 2025 in Abuja.