The National Bureau of Statistics (NBS), on Tuesday, said the headline inflation rate fell by 10.32 percentage points to 24.48 percent in January 2025 from 34.8 percent in December 2024 after rebasing the Consumer Price Index (CPI).
In a statement addressing the CPI report for January yesterday, NBS said the rate reflects an updated price reference period (base year) of 2024 and a weight reference period of 2023.
NBS said: “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 per cent in January 2025.
“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024.”
NBS also said that the food inflation rate fell to 26.08 per cent in January 2025 from 39.84 per cent in December 2024.
“The rebased Food Index in January 2025 was 110.33, while the food inflation rate on a year-on-year basis stood at 26.08 per cent in January 2025.
“This means that the general prices of food items in Nigeria increased by 26.08 per cent compared to January 2024.”
Recall, in October 2024, the Statistician General of the Federation and Chief Executive Officer (CEO) of NBS, Adeyemi Adeniran, announced plans to rebase the Gross Domestic Product (GDP) and Consumer Price Index (CPI) to reflect current realities and account for structural changes in the economy.
According to the Bureau, the rebased CPI produces estimates that reflect the current inflationary pressure and consumption pattern of people living in Nigeria.
It added, ”With the reviewed CPI basket and adaptation of enhanced methods of compilation and computation, the CPI figures provide the needed information for the government, firms, and households to make informed decisions on matters related to price levels and changes in prices.”
