The National Bureau of Statistics (NBS) today announced that Nigeria’s title inflation fell by 10.32 percentage points to 24.48% in January 2025, starting at 34.8% in December 2024, re-estimated in the Consumer Price Index (CPI) after.
In a statement on the January CPI report, the NBS pointed out that the rate reflects the updated price reference period (base year) in 2024 and the weight reference period in 2023.
NBS said: “All project indexes were 110.68 in January 2025, while title inflation rate was 24.48% year-on-year. This means that the general price increase in Nigeria’s goods and services is comparable to that in January 2024. The ratio is 24.48%.
Food inflation rate in January 2025 also fell to 26.08% from 39.84% in December 2024.
“The re-food index in January 2025 was 110.33, while the year-on-year food inflation rate was 26.08% in January 2025. This means that the general price of Nigerian food increased by 26.08% compared to January. 2024.”
In October 2024, federal statistician and NBS CEO Adeyemi Adeniran announced plans to re-reflect the gross domestic product (GDP) and consumer price index (CPI) to reflect current economic reality and explain structural changes. .
The bureau said the estimated value generated by the reconstructed CPI reflects the inflationary pressure and consumption patterns of people living in Nigeria.
“With the CPI basket reviewed and adapted to enhanced compilation and calculation methods, CPI numbers provide governments, companies and families with the information they need to make informed matters related to price levels and price changes,” NBS said. Decide.”
