Nigeria’s inflation rate drops to 24.48% year-on-year in January 2025, reflecting a significant decrease in general prices. Urban inflation stands at 26.09%, while rural inflation is recorded at 22.15%.
Nigeria’s headline inflation has fallen to 24.48% year-on-year in January 2025, according to the National Bureau of Statistics (NBS). This was revealed by the Statistician-General of the Federation, Adeyemi Adeniran, during a briefing in Abuja on Tuesday.
Adeniran explained that the Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, declined to 24.48% in January. Urban inflation was recorded at 26.09%, while rural inflation stood at 22.15%.
He noted that general prices of goods and services had decreased compared to December’s 34.80%, which was based on the old inflation template.
The recent CPI rebasing involved updating the reference year and adjusting the basket of goods and services used to measure inflation, ensuring it reflects current consumer spending patterns. As a result, the CPI now provides a more accurate reflection of the current economic conditions.
In addition, the rebased food inflation for January stood at 26.08% year-on-year, showing a significant drop from the 39.84% recorded in the previous month. The core inflation, excluding volatile agricultural and energy prices, was 22.59% year-on-year in January.
The NBS highlighted that the rebased CPI is now a better representation of the current inflationary pressures and consumption habits in the country.
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