The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that the sharp decline in Nigeria’s inflation rate following the rebasing of the Consumer Price Index (CPI) does not equate to lower prices of goods and services.
Reacting to the National Bureau of Statistics’ (NBS) revised CPI figures, which saw inflation drop from 34.80% in December 2024 to 24.48% in January 2025, CPPE CEO Dr. Muda Yusuf clarified that a lower inflation rate only means a slower rise in prices, not an actual reduction.
“The reality of high prices has not changed and remains a major challenge for businesses and households,” Yusuf stated, citing concerns over energy costs, exchange rate volatility, high interest rates, and transportation expenses.
He urged policymakers to prioritize actual price moderation instead of merely celebrating lower inflation figures. However, he acknowledged early signs of price reductions in fuel, diesel, some food items, and pharmaceuticals, expressing hope for continued improvement throughout the year.
