This information was released by the National Bureau of Statistics (NBS), with Statistician-General Adeyemi Adeniran making the announcement during a briefing in Abuja on Tuesday. He noted that the Consumer Price Index (CPI), which tracks the price changes of goods and services, has fallen to 24.48% year-on-year for January.
Adeniran further elaborated that urban inflation is at 26.09%, while rural inflation is recorded at 22.15%. He indicated that the overall prices of goods and services in Nigeria have decreased compared to the previous month's figure of 34.80%, which was based on an outdated template. The rebasing of the CPI was undertaken to align with international standards.
CPI rebasing involves updating the reference year used to assess price levels, effectively altering the basket of goods and services to better mirror current consumer spending habits and accurately reflect the economy's present state.
For the period in question, the rebased food inflation rate stands at 26.08% year-on-year in January, showing a decline from the 39.84% recorded in the previous month. Additionally, the rebased core index, which excludes the prices of volatile agricultural products and energy, is at 22.59% year-on-year for January.
The NBS asserts that the rebased CPI provides a clearer picture of the current inflationary pressures and consumption trends among the population in Nigeria.
Earlier this month, Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) reaffirmed the bank's commitment to curbing inflation and stabilizing the nation's economy.
He emphasized that effectively managing disinflation amidst ongoing economic shocks necessitates robust policy implementation and close collaboration between fiscal and monetary authorities to manage expectations and bolster investor confidence.
Price stability, the planned transition to an inflation-targeting framework, and strategies to enhance purchasing power and alleviate economic hardship remain the central focus, as stated by Governor Cardoso at the Monetary Policy Forum 2025 in Abuja.