Inflation rate drops to 24.48% in January

Nigeria’s inflation reduced to 24.48% in January 2025, according to the National Bureau of Statistics (NBS).

This was disclosed by Prince Adeyemi Adeniran, the Statistician of the Federation and the Chief Executive Officer of the National Bureau of Statistics NBS, in a briefing in Abuja on Tuesday.

He also said food inflation was 26.08% year-on-year.

According to him, the new figure was as result of the rebasing of Nigeria’s inflation basket to keep it updated to international standards.

He recalled that the country last rebased its inflation in 2009, thus using prices of goods prominent during the period.

He said this means the figure is outdated as the new rebasing has dumped some of the products and brought in new ones while maintaining those that are still relevant.

Adeniran said the rebasing process also allows Statistical Offices to introduce methodological enhancements to their computation procedures and align with global best practices.

Under this process, according to him, NBS is not only bringing the base year closer to the current period from 2009 to 2024 “but we have also introduced some critical methodology changes to improve the computation processes and quality of the estimates.

“Under the CPI, important enhancements have been made to the methodology. Some of the improvements include the transition to the latest version of the classification method, the Classification of Individual Consumption.”