According to the most recent report from the National Bureau of Statistics (NBS), Nigeria’s inflation rate decreased to 24.48% year over year in January 2025.

Adeyemi Adeniran, the Federation’s Statistician-General, made the announcement at a press conference in Abuja on Tuesday.

According to Adeniran, the Consumer Price Index (CPI), which gauges how quickly prices for goods and services are changing, fell to 24.48% in January. He pointed out that rural inflation was 22.15% and urban inflation was 26.09%.

After the CPI was rebased, a decrease in inflation was anticipated. The reference year for comparison is altered to reflect more recent prices and consumption trends when the base year is “rebased.”

Adeniran underlined that Nigeria’s inflationary patterns are better reflected by the revised CPI calculation method. He informed Nigerians that the data now more accurately reflects the country’s household consumption patterns and cost of living.

The rebased food inflation rate for January was 26.08% year-over-year, which is a significant decrease from the 39.84% rate in December 2024, according to the NBS data. The cost of living is significantly impacted by food inflation, and this decline indicates that pressures on the prices of necessities are somewhat abating.

Similarly, in January, the rebased core inflation index, which does not include volatile goods like energy and agricultural produce, was 22.59% year over year. This points to a general reduction in inflationary pressure in a number of economic areas.