FX.co ★ Nigeria's CPI Plummets to 24.48% in January, Offering Economic Relief

In a surprising turn of events, Nigeria's Consumer Price Index (CPI) has shown a remarkable decline, dropping to 24.48% this January from a towering 34.80% in December 2024. This significant decrease was updated on February 18, 2025, signaling a potentially pivotal moment for the Nigerian economy.

The CPI measures inflation by tracking the average change over time in the prices paid by consumers for a basket of goods and services. The year-over-year comparison indicates that despite the previously high inflation rate, January 2025 experienced a sharp drop, bringing some relief to consumers and businesses alike.

Economists are cautiously optimistic, suggesting this downturn in inflation could help ease economic pressures in the country. The factors leading to such a decline remain a topic of discussion among financial analysts, particularly as Nigeria contends with fluctuating economic conditions. Nonetheless, this drop in CPI may herald a period of economic stabilization and growth for Africa’s most populous nation.