Nigeria’s inflation rate drops to 24.48%

Farmer, Food prices, Nigeria’s inflation rate

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate dropped from 34.8 per cent in December 2024 to 24.48 per cent in January 2025.

The NBS announced this in a statement on Tuesday, February 18, 2025.

The bureau said the rate represents an increase of 18.12 percent compared to the 29.9 per cent recorded in January 2024.

It said the “all-items index which is used to measure headline inflation for January 2025 was 110.7, resulting in a headline inflation rate of 24.48% on a year-on-year basis.”

The NBS noted: “This increase was mainly driven by Food and Non-Alcoholic Beverages, Restaurants and Accommodation Services and Transport.

“The Food Index for January 2025 was 110.03, resulting in a Food Inflation rate of 26.08% year-on-year.

“The Core Index which is All-Items less farm produce and energy for January 2025 was 110.7, which gave rise to a Core Inflation rate of 22.59% year-on-year.

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“Disaggregating by sector, the Urban inflation rate was 26.09%, while the Rural Inflation rate was 22.15%.

“In line with improvements made to the reporting of the CPI, going forward, NBS will be publishing some new special indices to inform policymakers.

“These special indices include the Farm Produce Index, Energy Index, Services Index, Goods Index, and Imported Food Index.

“For January 2025, these new special indices produced the following inflation rate (please note that these rates are not year-on-year rates as the headline rates mentioned above) as these indices are new, the year-on-year rates will commence from January 2026, while the month-on-month rates will commence in February 2025.”

The NBS further disclosed that the food inflation rate stood at 26.08 per cent, down from 39.84 per cent.

Nigeria’s inflation rate rises to 34.8%

The bureau said the core inflation rate dropped from 29.28 per cent to 22.59 per cent.

It added that the urban inflation rate declined to 26.09 per cent from 37.29 per cent, noting that the rural inflation rate stood at 22.15 per cent, down from 32.47 per cent.

The Star