NBS Reports Decline In Headline Inflation, Now At 24.48% After CPI Adjustment

This announcement was made by the Statistician General, Prince Adeyemi Adeniran, during the launch of the rebased Consumer Price Index (CPI) report in Abuja on Tuesday.

The new inflation rate marks a notable decrease from the previous month’s figure of 34.80% in December 2024, reflecting the impact of the CPI rebasing. The CPI, which tracks the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, has been recalibrated to better mirror current consumer spending habits.

Key Points from the Report:

Adeniran explained that the rebasing of the CPI involves updating the base year used for comparison, allowing for a more accurate reflection of current economic conditions. This adjustment in the CPI’s methodology ensures that the basket of goods and services used to measure inflation aligns with contemporary consumer behavior and spending patterns.

The decline in inflation rates, particularly in food prices, suggests a relief for consumers battling with rising costs.

Implications:

The rebased CPI is a vital tool for economic planning, offering fresh insights into the inflationary trends and assisting in crafting strategies to manage economic stability in Nigeria.