ABUJA (Reuters) – Nigeria’s headline inflation rate was at 24.48% year-on-year in January, its statistics agency said on Tuesday, after it rebased its Consumer Price Index to reflect changes in consumption patterns.
When it announced the rebasing exercise last month, the National Bureau of Statistics said consumption patterns had changed significantly since the last rebasing and it would use 2024 as the new base year when calculating inflation.
The last inflation release, for December, put the annual rate at 34.80%.
Inflation has climbed sharply as a result of moves by President Bola Tinubu to end costly subsidies and devalue the local naira currency. Tinubu’s administration hopes those reforms will shore up public finances and boost economic growth.
(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha; Editing by Alexander Winning)
Comments