Based on the rebased CPI data by the NBS, Nigeria’s headline inflation settled at 24.48% y/y in January 2025.
The updated CPI covers 934 product varieties classified into 13 divisions under the COICOP 2018 framework.
Under the new methodology, 2023 was adopted as the weight reference period, while 2024 was used as the price reference period (base year).
The CPI framework includes indices such as the Urban National Index, Rural National Index, Headline Index, Food Index, Core Index, Imported Food Index, Goods Index, Services Index, Energy Index, All Items Less Farm Produce Index, and Farm Produce Index.
Analysing the breakdown, food inflation came in at 26.08% y/y in January, while the core inflation (All items less farm produce and energy) printed 22.59% y/y.
Additionally, urban and rural inflation settled at 26.09% and 22.15% y/y, respectively.
