BREAKING: Nigeria’s inflation drops to 15.10%

Nigeria’s headline inflation rate eased slightly to 15.10 per cent in January, down from 15.15 per cent recorded in December, according to the National Bureau of Statistics (NBS).

The latest figures, released on Monday, mark the tenth consecutive month of moderation in the country’s inflation rate, signaling a gradual slowdown in the pace of price increases.

The NBS attributed the marginal decline to adjustments in its price measurement framework introduced in its previous report. The agency explained that the revised methodology is intended to better reflect prevailing market conditions.

Under the new system, the bureau now uses a 12-month reference period, with the average Consumer Price Index (CPI) for the 12 months of 2024 set as the base year equal to 100. Previously, the CPI benchmark was based on a single-month reference period, with December 2024 fixed at 100.

The statistics agency also reported a significant easing in food inflation, a major driver of consumer prices. Food inflation declined to 8.89 per cent year-on-year in January, compared to 10.84 per cent recorded in December.

The continued moderation in both headline and food inflation may provide some relief to households and businesses grappling with rising living costs.