February 19, 2025/United Capital Research
In January 2025, the National Bureau of Statistics (NBS) emerged with plans to rebase the country’s GDP and Inflation. The quest was embarked on to provide a true picture that reflects current realities, thereby accounting for structural changes in the economy. The exercise typically entailed updating the base year (from 2009 to 2024), and the basket of goods and services used to measure inflation, ensuring an accurate representation of current consumption patterns and price changes.
Following the conclusion of the exercise, the NBS revealed a new CPI Inflation rate of 24.48% y/y for Jan-2025, 10.32ppts lower than 34.80% y/y in Dec-2024. The newly rebased food inflation rate for Jan-2025 came in at 26.08% y/y, 13.76ppts lower than 39.84% print in Dec-2024. Meanwhile, the newly rebased core inflation rate recorded at 22.59% y/y, 6.69ppts lower than 29.28% y/y in Dec-2024.
| Previous Statistics (%) | Rebased Statistics (%) | Change (% Points) | |
| Headline Inflation | 34.80 | 24.48 | -10.32 |
| Food Inflation | 39.84 | 26.08 | -13.76 |
| Core Inflation | 29.28 | 22.59 | -6.69 |
| Urban Inflation | 37.29 | 26.09 | -11.12 |
| Rural Inflation | 32.47 | 22.15 | -10.32 |
Source: NBS, United Capital Research
