Nigeria’s inflation drops to 23.18% from 24.48%.

Nigeria’s headline inflation rate declined to 23.18% from 24.48% in January 2025.

The Nigeria Bureau of Statistics (NBS) released its February 2025 consumer price index (CPI) on Monday.

According to the NBS, the headline inflation rate decreased by 1.30% when compared to the January 2025 headline inflation rate.
“In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%.

“Looking at the movement, the February 2025 headline inflation rate decreased by 1.30% when compared to the January 2025 headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 8.52% lower than the rate recorded in February 2024 (31.70%).”

The Bureau observed that this indicates that the year-on-year headline inflation rate fell in February 2025 compared to the same month the previous year.

According to the report, the headline inflation rate in February 2025 was 2.04% month on month.
According to the NBS, food inflation in February 2025 was 23.51% more than in the previous year.

According to the Bureau, this was 14.41% lower than the rate reported in February 2024 (37.92%).
It stated that the considerable drop in food inflation figures is technically due to a shift in the base year.

However, on a monthly basis, the NBS reported that food inflation in February 2025 was 1.67%.

“Compared to January 2025, there was a decrease in the average costs of food goods such as yam tubers, potatoes, soya beans, maize/cornmeal flour, cassava, and Bambara beans (dried), among others.

“The average annual rate of Food inflation for the twelve months ending February 2025 over the previous twelve-month average was 34.74%, which was 4.67% points higher compared with the average annual rate of change recorded in February 2024 (30.07%).”