Nigeria’s inflation rate has dropped to 24.48%.

Nigeria’s headline inflation rate fell to 24.48% year on year in January 2025. This marks a significant drop from the 34.80% headline inflation recorded in December 2024. This is according to the National Bureau of Statistics (NBS).

Adeyemi Adeniran, the Federation’s Statistician-General, made the announcement on Tuesday. He stated that the Consumer Price Index (CPI), which measures the rate of change in the prices of goods and commodities, fell to 24.48% year on year in January.

Adeniran, addressing at an Abuja briefing, said that urban inflation was 26.09 percent, while rural inflation was 22.15%. He stated that the country’s general pricing for products and services have decreased, compared to 34.80% in December, when the old template was employed.He explained that the rebasing was necessary to meet international standards.

The term “CPI rebasing” refers to the process of revising the reference year used to calculate national prices. This simply involves adjusting the basket of goods and services used to assess inflation in order to better represent current consumer spending patterns and guarantee that inflation statistics accurately reflects the economy’s current state.

According to the CPI numbers for the period under review, rebased food inflation was 26.08% year on year in January, indicating a fall in the food index when compared to 39.84% year on year in the previous month.

Similarly, the rebased core index, which removes volatile agriculture and energy prices, increased by 22.59% year on year in January. According to the NBS, the rebased CPI reflects current inflationary pressures and the consumption patterns of the country’s residents.