Imo State has emerged as the most expensive state to live in Nigeria following the rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS).
The development marks a significant shift in Nigeria’s inflation rankings, as Bauchi, which held the top spot for seven consecutive months, has been dethroned.
The change comes after the NBS updated its methodology, adjusting the base year from 2009 to 2024, revising the weighting structure, and expanding the consumer basket to better reflect household spending patterns.
The NBS’s rebasing exercise incorporated new household consumption data and a broader variety of goods and services into the CPI calculation.
The NBS’s decision to rebase the CPI is aimed at improving the accuracy of inflation tracking. The new methodology reflects changing consumption patterns and incorporates more up-to-date price data.
The rebased CPI has, however, provided a more accurate representation of inflationary pressures, shifting the focus from just food prices to a broader range of expenses.
Nigeria’s headline inflation rate dropped to 24.48% year-on-year in January 2025, following the rebasing of the Consumer Price Index (CPI), according to data released by the National Bureau of Statistics (NBS).
The rebased food inflation index stood at 26.08% year-on-year in January 2025, indicating a decline from the 39.84% recorded in December 2024 under the old methodology.