IMF Endorses Nigeria’s CPI Rebasing as Inflation Eases to 15.15%

The International Monetary Fund has expressed support for Nigeria’s revised inflation figures and the updated Consumer Price Index methodology introduced by the National Bureau of Statistics, describing the changes as aligned with international standards and beneficial to macroeconomic stability.

In a statement issued on Thursday on behalf of the IMF Resident Representative for Nigeria, Christian Ebeke, the Fund said the latest inflation data indicates easing price pressures, a development that could help lower the cost of living if the trend is sustained.

Nigeria’s headline inflation rate moderated to 15.15 per cent in December 2025 following the rebasing of the CPI by the NBS. The Fund described the outcome as a positive signal for the economy, particularly after months of elevated inflation.

The IMF said the revised CPI framework reflects a methodological improvement that brings Nigeria’s inflation measurement in line with global best practices, including standards outlined by ECOWAS and the IMF’s 2020 CPI Manual.

Under the new framework, the NBS adopted a twelve-month reference period for 2024, replacing the previous single-month reference approach used in year-on-year inflation calculations. The Fund noted that linking the old CPI series to the rebased and reweighted index using a full-year reference period improves data stability and comparability over time.

While acknowledging that the change resulted in revisions to Nigeria’s 2025 inflation figures, the IMF stressed that the broader inflation trend still shows a gradual moderation through the year.

The Fund’s endorsement comes amid public debate over the rebasing exercise, which the NBS said was necessary to reduce distortions caused by base effects rather than actual price movements.