Inflation rate reduces to 24.48 per cent in January

In January 2025, the National Bureau of Statistics (NBS) reported that inflation had dropped to 24.48 percent.

Prince Adeyemi Adeniran, the CEO of NBS and the Federation's Statistician, announced this during a briefing in Abuja on Tuesday.

He added that the annual rate of food inflation was 26.08 percent.

He said that the latest figure was the consequence of Nigeria's inflation basket being rebased to conform to international standards.

He reminded that the nation last used the pricing of popular commodities to rebase its inflation in 2009.

According to him, this indicates that the statistic is out of date because the new rebasing has kept the goods that are still relevant while getting rid of some of the old ones.

According to Adeniran, Statistical Offices can align with international best practices and implement methodological improvements to their computation processes through the rebasing process.

He claims that as part of this process, NBS is not only moving the base year closer to the present 2009–2024 timeframe, but also implementing some significant technique adjustments to enhance the estimations' quality and computation procedures.

Significant improvements have been made to the methodology under the CPI. The adoption of the most recent iteration of the classification scheme, the Classification of Individual Consumption, is among the enhancements.