Kehinde Fajobi
Nigeria’s inflation rate fell sharply to 24.48% in January 2025, down from 34.80% recorded in December 2024, following the rebasing of the Consumer Price Index (CPI).
The Statistician-General of the Federation, Adeyemi Adeniran, announced the new figures on Tuesday, February 18, explaining that the rebased CPI better reflects current consumer spending patterns.
Speaking at a briefing in Abuja, he 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.”
He further detailed that urban inflation stood at 26.09%, while rural inflation was 22.15%.
Adeniran clarified that the decline does not mean prices have dropped but reflects a change in methodology.
“The general prices of goods and services in the country declined compared to the 34.80% in December, which used the old template,” he said.
READ ALSO: Nigeria Averted 42.81% Inflation Through Policy Measures — CBN
The rebased CPI updates the reference year used to measure inflation, adjusting the basket of goods and services to align with current economic realities.
The new data shows that food inflation dropped to 26.08% in January, compared to 39.84% recorded in December. Similarly, core inflation, which excludes volatile items like food and energy, stood at 22.59%.
According to the National Bureau of Statistics (NBS), the rebased CPI provides a more accurate picture of inflationary pressures and consumption patterns in Nigeria.