Nigeria’s inflation rate significantly dropped to 24.48 percent in January 2024, down from 34.80 percent in December 2023, following the rebasing of the Consumer Price Index (CPI).
The Statistician-General, Prince Adeyemi Adeniran, made the announcement on Tuesday in Abuja during the launch of the rebased CPI report.
According to the National Bureau of Statistics, the CPI, which tracks the rate of change in prices of goods and services, saw a decline to 24.48 percent year-on-year in January.
Adeniran also revealed that urban inflation stood at 26.09 percent, while rural inflation was lower at 22.15 percent.
The report also showed a notable decrease in food prices, which fell to 26.08 percent in January from 39.84 percent in December 2023.
In a statement on the X account, NBS said:
“The National Bureau of Statistics has released the rebased Consumer Price Index (CPI), reflecting an updated price reference period (base year) of 2024 and a weight reference period of 2023.
“Nigeria’s inflation rate for January 2024 stood at 24.48 percent year on year.
“The food inflation rate stood at 26.08 percent; the core inflation rate stood at 22.59 percent; the urban inflation rate stood at 26.09 percent; and the rural inflation rate stood at 22.15 percent.”
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cc: Daily Post Ng
