NBS Rebases Inflation Calculation, Reports Sharp Drop to 24.48%

NBS Rebases Inflation Calculation, Reports Sharp Drop to 24.48%

While Nigerians were engrossed in trending celebrity dramas, the National Bureau of Statistics (NBS) quietly rebased the country’s Consumer Price Index (CPI), shifting the base year from 2009 to 2014.

As a result, the reported inflation rate for January 2025 dropped significantly from 34.8% to 24.48%, despite persistent high prices across various sectors. NBS Boss Adeyemi Adeniran explained that the rebasing was necessary to provide a more accurate picture of inflationary pressures by reflecting changes in consumption patterns, pricing, and household expenditures.

While this statistical adjustment suggests a reduced rate of price increases, many Nigerians remain skeptical, questioning whether it truly reflects economic realities on the ground.