Nigeria’s inflation rate drops to 24.48 per cent

This is according to the National Bureau of Statistics (NBS). The Statistician-General of the Federation Adeyemi Adeniran announced this on Tuesday.

He said the Consumer Price Index (CPI) –  which measures the rate of change in prices of goods and commodities –  has declined to 24.48 per cent 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 per cent.

He said that the general prices of goods and services in the country declined, compared to the 34.80 per cent in December, which used the old template.

CPI rebasing means updating the reference year used to gauge price levels in the country by essentially changing the basket of goods and services used to measure inflation, to better reflect current consumer spending patterns and ensure the inflation data accurately reflects the economy’s current

According to the CPI figures for the period under review, the rebased food inflation stood at 26.08 per cent year-on-year in January, representing a decline in the food index when compared with 39.84 per cent year-on-year recorded in the preceding month.

Similarly, the rebased core index which excludes the prices of volatile agricultural produce and energy stood at 22.59 per cent year on year in January.

According to the NBS, the rebased CPI reflects the current inflationary pressure and consumption pattern of people living in the country.