Skip to content
ABUJA, Nigeria – Nigeria’s inflation rate decreased to 24.48% in January 2025, a sharp drop from 34.80% in December 2024, the National Bureau of Statistics (NBS) reported. The NBS attributed the change to a rebased Consumer Price Index (CPI).
The new CPI uses 2025 as its base year. The weight reference period is 2024. This provides a more current picture of price changes.
Food inflation remains a concern, however, at 26.08%. Core inflation, which excludes food and energy costs, was 22.59%. The NBS reported urban inflation at 26.09%, higher than rural inflation at 22.15%.
The NBS also released new indexes. These track sector-specific price changes. The imported food index rose 11.47%. The energy index increased 8.90%.
Economists say the lower overall inflation rate could signal increased economic stability. However, they caution that high food and energy prices may still impact families and businesses. Experts state that keeping inflation down will require focused policies. These policies should address food production, infrastructure, and the management of exchange rates. The next few months will be criticle in seeing if this trend can hold.
