IMF Endorses Nigeria’s Revised Inflation Data as Price Pressures Ease
Story: written by Joseph January 16,2026
The International Monetary Fund (IMF) has backed Nigeria’s newly revised consumer price index (CPI) data, signaling a notable easing in inflation following methodological changes by the National Bureau of Statistics (NBS). The overhaul aligns Nigeria’s inflation measurement with international best practices.
In a statement issued Thursday by Nigeria Resident Representative Christian Ebeke, the IMF welcomed the December 2025 CPI figures, noting that sustained moderation in inflation could reduce cost-of-living pressures and enhance macroeconomic stability in Africa’s most populous nation.
Under the revised framework, Nigeria’s headline inflation slowed to 15.15% in December, down from 17.33% in November and far below 34.80% recorded a year earlier. Monthly inflation also decelerated to 0.54% from 1.22%, reflecting softer food and core price pressures.
The NBS methodology revamp involved rebasing and reweighting the CPI using 2024 as the reference year, linking the new index to the previous series. Inflation is now calculated using a 12-month average rather than a single month, improving stability and comparability over time. This approach also led to revisions of prior data, including November’s inflation, adjusted from 14.45% to 17.33%.
“The Consumer Price Index rose to 131.2 in December 2025, up 0.7 points from the previous month,” the NBS said, emphasizing that the slower monthly increase reflects easing price momentum. Statistician-General Adeyemi Adeniran noted that the rebasing accounts for updated consumption patterns and the economic structure, reducing artificial spikes caused by short-term base effects.
The IMF highlighted that despite the methodological adjustments, the overall trend of disinflation throughout 2025 remains clear, reinforcing confidence in Nigeria’s macroeconomic trajectory. While inflation is still elevated, the endorsement strengthens investor trust in official statistics and provides policymakers with a more robust foundation for monetary and fiscal decisions aimed at stabilizing prices.
