Nigeria, Feb. 18 -- The Centre for the Promotion of Private Enterprise (CPPE) said the sharp deceleration in the headline inflation rate from 34.8 per cent in December 2024 to 24.48 per cent in January did not come as a surprise given the review of the computation base year from 2009 to 2024.

Earlier on Tuesday, the National Bureau of Statistics (NBS) put Nigeria's annual inflation rate at 24.48 per cent in January from 34.80 per cent in December 2024, after rebasing.

The NBS said the rebased Consumer Price Index (CPI) reflects an updated price reference period (base year) of 2024 and a weight reference period of 2023.

In a statement signed by Muda Yusuf, director of CPPE, the think tank said there is additionally a strong base effect ...