Nigeria’s inflation rate slumps to 23.18% in February 2025 – NBS

Nigeria’s inflation rate eased to 23.18% in February 2025, reflecting a decrease from the 24.48% recorded in January, according to the latest report by the National Bureau of Statistics (NBS).

This 1.30% drop suggests that price pressures are gradually easing and may continue to decline in the coming months.

On a year-on-year basis, February’s inflation rate was significantly lower than the 31.70% recorded in February 2024, marking an 8.52% decline.

The month-on-month inflation rate stood at 2.04% in February 2025, while the 12-month average Consumer Price Index (CPI) was 30.09%, which is 3.91 percentage points higher than the 26.18% recorded in February 2024.

Urban inflation stood at 25.15% year-on-year, reflecting an 8.51% decrease from 33.66% in February 2024. On a month-on-month basis, urban inflation was 2.40%, while the 12-month average urban inflation rate was 32.22%, 4.28 percentage points higher than in February 2024.

For rural areas, the inflation rate was 19.89% year-on-year, a decline of 10.09% from the 29.99% recorded in February 2024. The month-on-month rural inflation rate stood at 1.16%, while the 12-month average rural inflation was 27.94%, up by 3.33 percentage points from February 2024.

Food inflation also saw a significant drop, with a year-on-year rate of 23.51%, down by 14.41% from 37.92% in February 2024. The month-on-month food inflation rate stood at 1.67%.

The decline in food inflation has been attributed to base-year adjustments and a noticeable reduction in the prices of essential food items such as yam tubers, potatoes, soya beans, maize flour, cassava, and dried Bambara beans.

This improvement in inflation figures suggests a potential stabilization of prices in the economy.