The National Bureau of Statistics (NBS) reviewed the 2025 inflation data to normalise the expected technical inflation spike in December, associated with the 2025 CPI rebasing exercise. According to the NBS, the reviewed data adopts the 12-month average for 2024 as the index reference period, rather than December 2024, as applied in the earlier rebase
Following the adjustment, Nigeria’s headline inflation eased by 218bps to 15.15% y/y in December (November: 17.33% y/y). Similarly, on a month-on-month basis, consumer prices decreased by 69bps to 0.54% (November: +1.22% m/m).
Food index declined by 336bps to 10.84% y/y in December (November: 14.21% y/y). On a month-on-month basis, the food index declined to -0.36% (November: +1.13% m/m), due to the rate of decrease in the prices of the following food items, namely, Tomatoes, Garri, Eggs, Potatoes, Carrots, Millet, Vegetables, Plantain, Beans, Wheat Grain, Grounded Pepper, Onions (Fresh), etc.
Elsewhere, core inflation (all items excluding farm produce and energy) eased by 196bps to 18.63% y/y in December (November: 20.59% y/y). On a month-on-month basis, the core inflation moderated by 70bps to 0.58% (November: +1.28% m/m).
