Nigeria’s Inflation Drops to 24.48% in January 2025

Nigeria’s headline inflation rate for January 2025 has dropped to 24.48%, following the rebasing of the country’s consumer price index (CPI). The Statistician General of the National Bureau of Statistics (NBS), Prince Adeyemi Adeniran, made the announcement on Tuesday in Abuja during the launch of the rebased CPI report.

The figure marks a decline from the 34.80% inflation rate recorded in December 2024, signaling a positive shift in the country’s economic outlook.

Adeniran further revealed that food inflation for January 2025 was recorded at 26.08%, also a decrease from the 39.84% seen in December 2024. Despite this reduction, food prices remain a major concern for many Nigerians.

ALSO READ: NLC Demands Reversal of Telecom Tariff Hike, Announces Nationwide Protests

The rebasing of the CPI, according to Adeniran, reflects the current inflationary pressures facing the nation, providing a more accurate picture of the country’s economic landscape. The rise in inflation was primarily driven by increases in the prices of food, beverages, clothing, and footwear items.

While the drop in inflation offers some relief, experts warn that the country continues to face significant challenges, particularly in the areas of food security and rising cost of living.