The National Bureau of Statistics (NBS) has announced that Nigeria’s headline inflation rate dropped to 24.48 percent in January following the rebasing of the Consumer Price Index (CPI), down from 34.80 percent in December.
The recalibration, which updates the reference year and the basket of goods used to measure inflation, aims to provide a more accurate reflection of consumer spending and economic conditions.
Despite the decline, the NBS clarified that this does not indicate a drop in the general price level. Instead, the new base year, 2024 instead of 2009, aligns inflation measurement more closely with present-day realities.
The rebased CPI reflects inflationary trends more accurately, allowing policymakers and businesses to make informed decisions.
NBS Chief Executive Adeyemi Adeniran emphasized that the rebasing exercise aligns Nigeria’s inflation measurement with global standards, ensuring that key economic indicators represent current economic structures and consumption patterns.
