Nigeria inflation decline to 24.48 – NBS

The National Bureau of Statistics, NBS, says Nigeria’s headline inflation rate declined to 24.48 per cent in January 2025,

This is contained in the Consumer Price Index, CPI, rebased results released in Abuja on Tuesday.

The News Agency of Nigeria reports that the headline inflation rate for December 2024 was 34.80 per cent.

The CPI is a key macroeconomic indicator that reflects the movement of aggregate price levels in a country and is expected to be rebased every five years.

However, in Nigeria, the last CPI rebasing was conducted in 2009.

He said the increase was mainly driven by Food and Non-alcoholic Beverages, Restaurants and Accommodation Services and Transport.

The Food Index for January 2025 was 110.03, which resulted in a food inflation rate of 26.08 per cent on a year-on-year basis.