A sharp reduction in Nigeria inflation rate, has been shown by the National Bureau of statistics.
Nigeria's inflation rate has declined from the 34.80% headline inflation recorded in December 2024.
According to the Statistician-General of the Federation Adeyemi Adeniran, this announcement was made on Tuesday.
He revealed that the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities has declined to 24.48% year on year in January.
Adeniran who was speaking during a briefing in Abuja, explained that urban inflation stood at 26.09 per cent while rural inflation came to 22.15%.
He also added that the general prices of goods and services in the country declined, compared to the 34.80% in December, which used the old template. According to him, the rebasing was to keep up with international standards.
CPI rebasing means updating the reference year used to gauge price levels in the country. This is essentially changing the basket of goods and services used to measure inflation to better reflect current consumer spending patterns and ensure the inflation data reflects the economy’s current.
According to the CPI figures for the period under review, the integrate change in food inflation stood at 26.08% year-on-year in January, representing a decline in the food index when compared with 39.84% year-on-year recorded in the preceding month.