Nigeria’s headline inflation rate was recalculated to 24.48 per cent in January 2025 post CPI rebasing, compared to 34.80 per cent recorded in December 2024 while using the old template. This represents a decline at 10.32 per cent in the headline inflation.
According to the CPI figures for the period under review, the rebased food inflation stood at 26.08 per cent in 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 produces and energy stood at 22.59 per cent year on year in January. It was 29.28 per cent in the preceding month.
The rebased urban inflation also stood at 26.09 per cent year-on-year. This was 37.29 per cent in December
In addition, under the rebased template, rural inflation stood at 22.15 per cent year-on-year in the review period. It was 32.47 per cent in December when the old methodology was applied.
According to the NBS, the rebased CPI reflected the current inflationary pressure and consumption pattern of people living in the country.
The statistical agency however, however pointed out that the decline in the rebased inflation does not mean the general price level was declining.
Unlike in the past, where the base year was 2009, the base year for the rebased CPI is 2024. This means prices in 2025 were compared with prices in 2024 instead of 2009.
