The National Bureau of Statistics (NBS) has reported a sharp decline in Nigeria’s headline inflation rate, which now stands at 24.48% for January 2025.

This announcement was made by the Statistician General, Prince Adeyemi Adeniran, during the launch of the rebased Consumer Price Index (CPI) report in Abuja on Tuesday.

The new inflation rate marks a notable decrease from the previous month’s figure of 34.80% in December 2024, reflecting the impact of the CPI rebasing. The CPI, which tracks the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, has been recalibrated to better mirror current consumer spending habits.

Key Points from the Report:

  • Urban Inflation: Recorded at 26.09%.
  • Rural Inflation: Stood at 22.15%.
  • Food Inflation: After rebasing, the rate is now 26.08%, down from 39.84% in December 2024.
  • Core Inflation: Excluding volatile agricultural produce and energy, the rate is at 22.59% year-on-year.

Adeniran explained that the rebasing of the CPI involves updating the base year used for comparison, allowing for a more accurate reflection of current economic conditions. This adjustment in the CPI’s methodology ensures that the basket of goods and services used to measure inflation aligns with contemporary consumer behavior and spending patterns.

The decline in inflation rates, particularly in food prices, suggests a relief for consumers battling with rising costs.

Implications:

  • The lower inflation rate could potentially ease the financial strain on households, influencing monetary policy decisions.
  • It might also signal to investors a stabilization in the Nigerian economy, potentially attracting more foreign investment.

The rebased CPI is a vital tool for economic planning, offering fresh insights into the inflationary trends and assisting in crafting strategies to manage economic stability in Nigeria.

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