The National Bureau of Statistics (NBS) has stated that the country's inflation rate has dropped to 24.48% in January 2025.
This was revealed on Tuesday in Abuja by Statistician-General of the Federation, Adeyemi Adeniran.
According to the NBS, there was a drop from 34.80% in December 2024.
Adeniran who noted that while urban inflation stood at 26.09%, said rural inflation was slightly lower at 22.15%.
He added that the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities showed the drop to 24.48% in January.
Adeniran pointed that while the general prices of goods and services in the country declined, compared to the 34.80% in December, which used the old template, a rebasing was necessary to keep up with international standards.
The CPI rebasing essentially is changing the basket of goods and services used to measure inflation to better reflect current consumer spending patterns and ensure the inflation data reflects the economy’s current.
Going by the CPI figures, the NBS boss revealed that for the period under consideration, the rebased food inflation stood at 26.08% year-on-year in January. This shows a fall in the food index when compared with the 39.84% year-on-year recorded in the preceding month.
The NBS notes that the rebased CPI reflects the current inflationary pressure and consumption pattern of people living in the country.
Recall that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso had reiterated the apex bank's determination to curb inflation in a bid stabilize the nation’s economy.
Cardoso stated this earlier this month in Abuja during the Monetary Policy Forum 2025 where he stressed that the goal of the CBN is to ensure that monetary policy remains forward-looking, adaptive, and resilient.
“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” he said.
