The National Bureau of Statistics (NBS) reported today that after rebasing the Consumer Price Index (CPI), the headline inflation rate declined by 10.32 percentage points to 24.48 percent in January 2025 from 34.8 percent in December 2024. In a statement issued yesterday in response to the January CPI report, NBS stated that the rate now includes an updated price reference period (base year) of 2024 and weight reference period of 2023.
According to the NBS, the rebased All Items index in January 2025 was 110.68, with the headline inflation rate standing at 24.48 percent year on year 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.”
The NBS also reported that food inflation declined to 26.08 percent in January 2025, down from 39.84 percent in December 2024. “In January 2025, the rebased Food Index was 110.33, and the annual food inflation rate was 26.08 percent. “This means that the general prices of food items in Nigeria increased by 26.08 per cent compared to January 2024.”
Recall that in October 2024, Adeyemi Adeniran, Statistician General of the Federation and Chief Executive Officer (CEO) of NBS, announced intentions to rebase the Gross Domestic Product (GDP) and Consumer Price Index (CPI) to reflect current reality and account for economic structural changes.
According to the Bureau, the rebased CPI generates estimates that reflect current inflationary pressures and Nigerians’ consumption patterns. The report stated: “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.”
