Nigeria’s inflation rate fell sharply to 24.48% in January 2024, down from 34.80% in December 2024, following the rebasing of the Consumer Price Index (CPI).
The Statistician-General, Prince Adeyemi Adeniran, announced this on Tuesday in Abuja during the official launch of the rebased CPI report. The new figures reflect an updated price reference period (2024) and weight reference period (2023), as disclosed by the National Bureau of Statistics (NBS).
According to Adeniran, urban inflation stood at 26.09%, while rural inflation was 22.15%. Food inflation also declined significantly, dropping from 39.84% in December 2024 to 26.08% in January 2024.
A statement from the NBS on X (formerly Twitter) highlighted the key inflation rates under the rebased CPI:
Headline Inflation: 24.48%
Food Inflation: 26.08%
Core Inflation: 22.59%
Urban Inflation: 26.09%
Rural Inflation: 22.15%
The sharp decline in inflation comes ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting, scheduled for February 19 -20, 2025, where policymakers are expected to discuss the economic implications of the new CPI framework.
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