WATCH THE VIDEO HERE Nigeria’s inflation for January 2025 slowed heavily by 10.32 per cent to 24.48 per cent from 34.80 per cent in December 2024 following changes to how the Consumer Price Index (CPI) will now be measured. This was disclosed by Mr Adeyemi Adeniran, the Statistician-General of the National Bureau of Statistics (NBS) on Tuesday in Abuja. The food inflation also moderated to 26.08 per cent in the month under review from 39.84 per cent in December. The NBS calculated the inflation figures using a revised methodology, which includes a new base year (2024 from 2009) and updated weights for the CPI. This was bound to ease the inflation figures as market analysts expect. However, the 24.48 per cent outcome beat analysts expectations by a wide margin. For instance, Meristem Research expected the numbers to come in at 34.53 per cent. It explained that domestic inflationary pressures had slowed in the month. Also, the Central Bank of Nigeria (CBN) will now, based on this figure, decide whether to pause or cut interest rates which it had hiked 875 basis points in the last year. The apex bank’s Monetary Policy Committee (MPC) will meet on Thursday, February 19 and Friday, February 20, to decide the way forward.
Nigeria’s January Inflation Slows to 24.48% After Rebasing by NBS
