By Abiola Olawale
In January 2024, Nigeria’s inflation rate experienced a significant decline, reaching 24.48 per cent, down from 34.80 per cent in December of the previous year.
This change follows the recent rebasing of the Consumer Price Index for the first time in more than a decade.
This was disclosed by the Statistician-General, Prince Adeyemi Adeniran on Tuesday.
Adeniran, who spoke on Tuesday in Abuja at the launch of the rebased CPI report, 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 explained that urban inflation stood at 26.09 per cent while rural inflation came to 22.15 per cent.
Accordingly, the report food inflation declined to 26.08 per cent in January from 39.84 per cent in December 2024.
In a statement on the X account, NBS said: “The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.
“Nigeria’s inflation rate for January 2024 stood at 24.48 per cent year on year.
“The food inflation rate stood at 26.08 per cent; the core inflation rate stood at 22.59 per cent; the urban inflation rate stood at 26.09 per cent; and the rural inflation rate stood at 22.15 per cent “.
This comes as the Monetary Policy Committee of the Central Bank of Nigeria has scheduled to convene for its inaugural meeting of 2025 on February 19 and 20, 2025.
