Inflation Eases to 24.48% in Rebased CPI Figures
By Patience Ikpeme
Nigeria’s inflation rate has recorded a decline, dropping to 24.48% in January 2025, according to newly rebased Consumer Price Index (CPI) figures released by the National Bureau of Statistics (NBS). This represents a decrease from the 34.8% inflation rate recorded in December 2024.
The Statistician General of the Federation and CEO of the NBS, Adeyemi Adeniran, announced the rebasing results at a press briefing in Abuja on Tuesday. He explained that the rebasing exercise, which updates the base year for the CPI from 2009, aligns the price and weight reference periods with the current economic realities. This process involves updating the basket of goods and services, revising item weights, and incorporating methodological improvements to ensure accuracy.
According to Adeniran, the rebased all-items index for January 2025 stood at 110.68, resulting in a year-on-year headline inflation rate of 24.48%. “This means that the general prices of goods and services in Nigeria increased by 24.48% compared to January 2024,” he stated. He identified food and non-alcoholic beverages, restaurants and accommodation services, and transportation as the primary drivers of this increase.
The rebased food index reached 110.33 in January 2025, with a year-on-year food inflation rate of 26.08%. This indicates a 26.08% rise in the general prices of food items compared to January 2024. The core index, which excludes farm produce and energy, was recorded at 110.87, reflecting a year-on-year core inflation rate of 22.59%.
A sectoral breakdown of the data reveals an urban inflation rate of 26.09% and a rural inflation rate of 22.15%.
While acknowledging the slight decrease in the inflation rate, Adeniran emphasized that these figures reflect the *rate* at which inflation is changing, not the actual prices of goods and services. He assured the public that the government, through the Central Bank of Nigeria (CBN) and other relevant agencies, is committed to addressing the high cost of living and working towards price reductions.
The Statistician General stressed the independence of the rebasing exercise, stating, “Government has been offering some encouragement. Government does not in any way interfere in all the processes and what we are releasing today.” He also announced that the next CPI rebasing exercise is scheduled for 2029, five years from now.
