Nigeria’s Inflation Rate Falls to 23.18%, Showing Marginal Improvement

Nigeria records a slight drop in inflation, decreasing from 24.48% to 23.18%, as economic pressures persist.

Nigeria’s headline inflation rate decreased to 23.18%, compared to the January 2025 figure of 24.48%.

The Nigeria Bureau of Statistics (NBS) revealed this information in its February 2025 consumer price index (CPI) report released on Monday.

The headline inflation rate, as reported by NBS, decreased by 1.30% compared to the January 2025 figure.

In February 2025, the headline inflation rate decreased to 23.18%, down from January’s rate of 24.48%.

Examining the trend, the February 2025 Headline inflation rate decreased by 1.30% in comparison to January 2025’s rate.

Compared to February 2024, the year-on-year Headline inflation rate decreased by 8.52% from the previously recorded rate of 31.70%.

The Bureau observed that the year-on-year headline inflation rate dropped in February 2025 compared to February of the previous year.

It also noted that the headline inflation rate for February 2025 was 2.04%, when compared month-on-month.

Rising food prices

Regarding food inflation, the NBS reported that in February 2025, the year-on-year rate was 23.51%.

According to the Bureau, this was 14.41% lower than the rate recorded in February 2024 (37.92%).

It indicated that the substantial decrease in food inflation is technically attributed to a change in the base year. Nonetheless, on a month-to-month comparison, NBS reported that February 2025 saw a food inflation rate of 1.67%.

In comparison to January 2025, there was a notable decrease in the average prices of food items such as yam tuber, potatoes, soya beans, maize flour/cornmeal, cassava, dried Bambara beans and others.

For the twelve months leading up to February 2025, food inflation averaged an annual rate of 34.74%, which is a 4.67 percentage point increase compared to the average yearly change recorded in February 2024 (30.07%).