Nigeria's 2025 CPI rebasing changed how inflation was measured
Nigeria introduced a refreshed inflation basket in February 2025, using 2024 as its price base and 2023 spending weights. The change matters when comparing the new series with older headline inflation figures.
What happened
Nigeria unveiled its rebased Consumer Price Index on 18 February 2025. The National Bureau of Statistics replaced the previous 2009 reference with a 2024 price base and 2023 expenditure weights. Its updated framework covered 934 product varieties across 13 divisions.
The January 2025 headline inflation reading was 24.48% year on year. The CBN subsequently recorded food inflation of 26.08% and core inflation of 22.59% for that month. These are historical release figures.
Why it matters for Nigeria
A newer basket better reflects what households buy and how their spending is distributed. It also creates a comparability issue: the difference between an old-series December reading and a new-series January reading should not be treated as a like-for-like fall in prices.
Inflation measures changes in a basket's cost. A lower positive inflation rate does not, by itself, mean that the basket became cheaper.
What to watch
Readers tracking living costs should check the reference period, revisions and whether comparisons use a consistent series. Our assessment is that food, transport and energy detail often explains household experience better than one national headline.
FXRates
Nigeria first. Economics in context.
