IMF welcomes Nigeria December 2025 inflation easing, citing NBS methodological changes that align CPI with international best practice

The International Monetary Fund (IMF) has welcomed Nigeria’s December 2025 inflation outcome and the methodological changes adopted by the National Bureau of Statistics (NBS), describing the approach as consistent with international best practice and supportive of macroeconomic stability.

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The statement was issued on Thursday by Laraba Bonet, Office Manager to the IMF Resident Representative for Nigeria, Christian Ebeke.

“We welcome the December Consumer Price Index inflation figures released by the Nigerian Bureau of Statistics, which show an easing of inflation that, if sustained, will help reduce cost-of-living pressures and support macroeconomic stability,” the IMF said.

Nigeria’s headline inflation rate eased to 15.15 per cent in December 2025, reflecting a marked moderation from earlier levels.

The improvement follows a revision in the CPI methodology by the NBS, which adopted a twelve-month reference period for 2024 after rebasing the index.

This replaced the previous single-month reference approach that risked exaggerating year-on-year inflation due to base effects.

The IMF described the revised methodology as a positive step towards global standards, noting that it aligns Nigeria’s CPI calculation with frameworks outlined by ECOWAS and the IMF’s 2020 Consumer Price Index Manual.

“The release reflects a welcome change in methodology that aligns Nigeria’s CPI calculation with international best practices,” the Fund said.

Under the new approach, the NBS links the old CPI series to the rebased and reweighted index using the full year of 2024 as the reference period, improving data stability and comparability over time.

The IMF acknowledged that this methodological adjustment resulted in revisions to Nigeria’s 2025 inflation figures, but emphasised that the broader trend points to a gradual easing of inflation throughout the year.

“This change leads to a revision of the 2025 inflation numbers but continues to show a trend of inflation coming down throughout the year,” the Fund said.

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The endorsement comes amid ongoing debate over Nigeria’s inflation trajectory following the CPI rebasing exercise, which the NBS said was necessary to prevent artificial spikes caused by base effects rather than actual price movements.