Nigeria’s annual inflation rate dropped to 24.28 per cent in January from 34.80 per cent in December 2024, the National Bureau of Statistics (NBS) said on Tuesday.
The Statistician General of the Federation and Chief Executive Officer of the NBS, Adeyemi Adeniran, disclosed this in Abuja at the launch of the report of the rebasing of Consumer Price Index (CPI) on Tuesday.
The NBS said the rebased Consumer Price Index (CPI) reflects an updated price reference period (base year) of 2024 and a weight reference period of 2023.
“The All-Items Index which is used to measure headline inflation for January 2025 was 110.7, resulting in a headline inflation rate of 24.48 per cent on a year-on-year basis,” he said.
The NBS boss explained that this increase was mainly driven by food and non-alcoholic beverages, restaurants and accommodation services and transport.
He added that the food index for January 2025 was 110.03, resulting in a food inflation rate of 26.08 per cent year-on-year.
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