The inflation rate fell to 24.48% in January 2025, as reported by the National Bureau of Statistics (NBS).
Prince Adeyemi Adeniran, the Statistician of the Federation and CEO of NBS, shared this information during a briefing in Abuja on Tuesday. He also noted that food inflation stood at 26.08% year-on-year.
Adeniran explained that the updated figure results from the rebasing of Nigeria’s inflation basket to align with international standards. He pointed out that the last rebasing occurred in 2009, which relied on prices of goods prevalent at that time.
He emphasized that the previous data was outdated, as the new rebasing has replaced some products while retaining those that remain relevant.
Additionally, Adeniran mentioned that the rebasing process enables Statistical Offices to implement methodological improvements in their calculation methods, ensuring alignment with global best practices.
He stated that through this process, the NBS is not only updating the base year from 2009 to 2024, but has also implemented significant methodological changes to enhance the computation processes and the quality of the estimates.
“Significant improvements have been made to the methodology under the CPI. These enhancements include the adoption of the latest version of the classification method, known as the Classification of Individual Consumption.”
