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Nigeria’s inflation drops massively to 24.48% after CPI rebase

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2 days ago

February 18, 2025 Follow

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NAIJA NEWS: Nigeria’s inflation drops massively to 24.48% after CPI rebase [New Naija News] » Naijacrawl

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Nigeria’s inflation rate experienced a significant drop to 24.

Read Also : Nigeria’s inflation rate rises to 33.69% in April amid worsening hardship

48% in January 2024, following the rebasing of the Consumer Price Index (CPI). This marks a sharp decline from the 34.80% recorded in December 2024, according to the National Bureau of Statistics (NBS).

The Statistician General, Prince Adeyemi Adeniran, revealed this update on Tuesday in Abuja during the official launch of the rebased CPI report.

Key Highlights from the Report:

🔹 Urban inflation: 26.09%

🔹 Rural inflation: 22.15%

🔹 Food inflation: 26.08% (down from 39.84% in December 2024)

🔹 Core inflation: 22.59%

The NBS clarified in a statement on its X (Twitter) account that the rebased CPI now reflects a 2024 price reference period and a 2023 weight reference period.

What This Means for Nigeria’s Economy

The drop in inflation comes as Nigeria’s Central Bank (CBN) prepares for its first Monetary Policy Committee (MPC) meeting of 2025, scheduled for February 19–20.

In November 2024, the MPC had raised interest rates to 27.50% in an effort to curb rising inflation. With the latest CPI rebase and improved inflation outlook, all eyes are on the CBN’s next policy moves.

Stay tuned for more updates on Nigeria’s economic trends!

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Ojo Sunday Victor is a graduate of Ladoke Akintola University of Technology, Ogbomoso, where he earned a Bachelor's degree in Accounting (B.Sc). He is a versatile professional with expertise in content writing, specializing i... Read More

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Naija News

Stable forex, lower inflation will attract foreign direct investment to Nigeria – IMF

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1 year ago

September 27, 2023

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NAIJA NEWS: Stable forex, lower inflation will attract foreign direct investment to Nigeria – IMF [New Naija News] » Naijacrawl

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The International Monetary Fund (IMF) says stable exchange rates and lower inflation will attract more investments into Nigeria.Ari Aisen, the IMF representative in Nigeria, disclosed this on Tuesday during an interview on Arise Television.He reiterated support for the fuel subsidy removal and exchange rate unification, insisting that it will enhance the economic outlook of Nigeria.Arisen stated that if inflation decreases, exchange rates become more predictable, le...

Naija News

Inflation: CBN Increased Interest Rate

Published

1 year ago

July 25, 2023

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NAIJA NEWS: Inflation: CBN Increased Interest Rate [New Naija News] » Naijacrawl

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The Central Bank of Nigeria’s Monetary Policy Committee has moderately hiked monetary policy rates to 18.75 per cent.The acting Governor of the Central Bank of Nigeria, Mr Folashodun Shonubi, disclosed this on Tuesday at the press briefing at the end of the 292nd MPC meeting.It can be recalled that the Central Bank of Nigeria (CBN), in its last MPC meeting, tightened the economy by raising the interest rate to 18.5 percent.

Naija News

22.79 per cent Inflation: Experts make demands amid worsening hardship

Published

1 year ago

July 18, 2023

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NAIJA NEWS: 22.79 per cent Inflation: Experts make demands amid worsening hardship [New Naija News] » Naijacrawl

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The already alarming headline inflation rate in Nigeria has increased to 22.79 percent.The hardship being felt by the majority of people has gotten worse as a result of this development.Despite the Central Bank of Nigeria's efforts to halt the trend, the country's inflation rate increased six times in a row in June, according to the National Bureau of Statistics Consumer Price Index (CPI).The Monetary Policy Rate (MPR) of 18.5 percent, which the CBN had continued to...