The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and weight reference period of 2023.
Nigeria’s inflation rate for January 2024 stood at 24.48% year on year.
Food Inflation rate stood at 26.08%
Core Inflation rate stood at 22.59%
Urban Inflation rate stood at 26.09%
Rural Inflation rate stood at 22.15%
Special indices introduced and their inflation rates. (Base Period: 2024 = 100)
Farm Produce – 10.50%
All items less farm produce- 10.70%
Energy index – 8.9%
Services Index – 10.41%
Imported food index – 11.47%
Note: the rates reported for the new indices are for January 2025 compared to the base year.
