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Nigeria’s inflation drops to 24.48% in January after rebasing - BUSINESSDAY
… food inflation now 26.08 >#/h4###
…GDP figures not concluded yet-Statistician general
Nigeria’s inflation rate dropped to 24.48% in January after rebasing exercise, the country’s statistical authorities have revealed. The news figures showed food inflation rate now 26.08 percent while GDP figures are yet to be out.
The National Bureau of Statistics (NBS) calculated January’s inflation figures using a revised methodology, which will includes a new base year and updated weights for the consumer price index (CPI).
Nigeria’s last inflation report before this one showed a surge in inflation rate to 34.80% in December 2024, up from 34.60% in November 2024. This represents a 0.20% increase month-on-month and a 5.87% increase year-on-year compared to December 2023. The inflation rate was driven by the festive period demand for goods and services in December.
Food inflation had dropped slightly to 39.84% in December from 39.93% in November. On the other hand, core inflation, which excludes food and energy prices, rose to 2.24% in December from 1.83% in November.
