Nigeria’s inflation rate fell to 24.48% in January following a rebasing exercise, according to the National Bureau of Statistics (NBS). The latest figures also show food inflation at 26.08%, while the country’s Gross Domestic Product (GDP) figures have yet to be released.
The NBS revised its methodology for calculating inflation, updating the base year and adjusting the weights used for the Consumer Price Index (CPI). This change aims to provide a more accurate reflection of price movements in the economy.
Before this rebased report, Nigeria’s inflation had surged to 34.80% in December 2024, rising from 34.60% in November 2024. This represented a 0.20% month-on-month increase and a 5.87% rise compared to December 2023. The spike in inflation was largely attributed to high demand for goods and services during the festive season.
Food inflation had also seen a slight decline in December, dropping to 39.84% from 39.93% in November. However, core inflation, which excludes food and energy prices, increased from 1.83% in November to 2.24% in December.
While the rebased inflation figures provide a different outlook, analysts are closely watching for the GDP figures, which are expected to offer further insights into Nigeria’s economic performance.
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