* Food Inflation Now 26.08 %
* GDP Figures Yet To Be concluded
Nigeria’s inflation rate dropped to 24.48% in January after rebasing exercise, according to the nations statistics agency, National Bureau of Statistics. (NBS)
The rekeased figures showed food inflation rate now 26.08 percent while GDP figures are yet to be out.
NBS calculated January’s inflation figures using a revised methodology, which includes a new base year and updated weights for the consumer price index (CPI).
Nigeria’s last inflation report before this one showed a surge in inflation rate to 34.80% in December 2024, up from 34.60% in November 2024.
CPI rebasing means updating the reference year used to gauge price levels in the country by essentially changing the basket of goods and services used to measure inflation, to better reflect current consumer spending patterns and ensure the inflation data accurately reflects the economy’s current status.
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According to the CPI figures for the period under review, the rebased food inflation stood at 26.08 per cent year-on-year in January, representing a decline in the food index when compared with 39.84 per cent year-on-year recorded in the preceding month.
Similarly, the rebased core index which excludes the prices of volatile agricultural produce and energy stood at 22.59 per cent year on year in January.
According to the NBS, the rebased CPI reflects the current inflationary pressure and consumption pattern of people living in the country.
