MIRIAM NNOLI 
National Bureau of Statistics (NBS) on Tuesday announced that Nigeria’s inflation dropped to 24.48 per cent year-on-year in January 2025.
New Telegraph reports that this development is a sharp decline from the 34.80 per cent headline inflation recorded in December 2024.
The Statistician-General of the Federation, Adeyemi Adeniran who made this known said the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities declined to 24.48 per cent year on year in January.
Adeniran who was speaking during a briefing in Abuja, explained that urban inflation stood at 26.09 per cent while rural inflation came to 22.15 percent.
According to him, the general prices of goods and services in the country declined, compared to the 34.80 per cent in December, which used the old template.
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Adeniran explained that CPI rebasing means updating the reference year used to gauge price levels in the country by essentially changing the basket of goods and services used to measure inflation, to better reflect current consumer spending patterns and ensure the inflation data accurately reflects the economy’s current.
According to the CPI figures for the period under review, the rebased food inflation stood at 26.08 per cent year-on-year in January, representing a decline in the food index when compared with 39.84 per cent year-on-year recorded in the preceding month.
Similarly, the rebased core index which excludes the prices of volatile agricultural produce and energy stood at 22.59 per cent year on year in January.
According to the NBS, the rebased CPI reflects the current inflationary pressure and consumption pattern of people living in the country.
