Nigeria’s inflation rate drops to 15.1%
The National Bureau of Statistics(NBS) on Monday said Nigeria’s headline inflation eased slightly to 15.10 per cent in January, down from 15.15 per cent recorded in December.
The report marked the tenth consecutive monthly moderation in the country’s inflation rate, just as the agency said the marginal slowdown followed changes to its price measurement framework introduced in its previous report, noting that the revised approach was designed to better capture prevailing market conditions.
Under the new methodology, the bureau now applies a 12-month reference period, with the average Consumer Price Index (CPI) for the 12 months of 2024 set as the base year equal to 100. Previously, the CPI was benchmarked against a single-month reference period, with December 2024 fixed at 100.
The NBS also reported a notable easing in food inflation, which remains one of the strongest drivers of consumer prices.
Food inflation declined to 8.89 per cent year-on-year in January, compared with 10.84 per cent recorded in December.
