Inflation in Nigeria dropped to 24.48 percent in January 2025, according to the National Bureau of Statistics (NBS). In a briefing held in Abuja on Tuesday, NBS CEO and Statistician of the Federation Prince Adeyemi Adeniran also noted that food inflation stood at 26.08 percent on a year-on-year basis.Adeniran explained that the updated inflation figure results from a comprehensive rebasing of Nigeria’s inflation basket to align it with international standards. The country last rebased its inflation measures in 2009, using a basket that reflected the prices of goods prevalent at that time. He emphasized that this outdated basket had since become less representative, prompting the recent overhaul—which involved removing some products, introducing new ones, and retaining those still relevant.The rebasing process also enabled statistical offices to enhance their computation methods and align with global best practices. “Not only have we updated the base year from 2009 to 2024, but we’ve also implemented critical methodological changes to improve both our computation processes and the quality of our estimates,” Adeniran said. He added that significant improvements have been made to the Consumer Price Index (CPI), including a transition to the latest version of the Classification of Individual Consumption.
