By Ifeoluwa Odunayo
Nigeria’s inflation slowed to 24.48% in January 2025, down from 34.80% in December 2024, according to the National Bureau of Statistics (NBS).
The Statistician-General, Adeyemi Adeniran, attributed the decline to a revised inflation calculation method that better reflects consumer spending patterns.
Food prices increased by 26.08% compared to the previous year, a slower pace than the 39.84% rise recorded in December.
Inflation in urban areas stood at 26.09%, while rural areas saw a 22.15% increase.
The cost of non-food essentials, including rent, clothing, and healthcare, rose by 22.59%.
Although prices remain high, they are not rising as rapidly as before. If inflation continues to decline, consumers may experience slight relief in the cost of basic goods.
However, stagnant wages mean many Nigerians may not immediately feel the impact, as purchasing power remains strained despite the slowing inflation rate.
