The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s headline inflation rate, which dropped to 23.18% in February 2025 from 24.48% recorded in January. This represents a decrease of 1.30% within a month.
According to the NBS Consumer Price Index (CPI) report released on Monday, the inflation rate also saw a notable year-on-year drop, falling by 8.52% from 31.70% recorded in February 2024.
On a month-on-month basis, the headline inflation rate stood at 2.04% in February 2025, indicating a slowdown in price increases compared to previous months.
Food Inflation Sees Decline
The report also highlighted a drop in food inflation, which stood at 23.51% year-on-year in February 2025. This marks a significant 14.41% decrease from the 37.92% recorded in the same month last year.
Despite this improvement, the NBS attributed the decline in food inflation to a change in the base year used for calculations. However, on a month-on-month basis, food inflation remained at 1.67%.
The Bureau noted that there was a reduction in the average prices of key food items, including yam, potatoes, soybeans, maize flour, cassava, and dried Bambara beans, compared to January 2025.
Additionally, the average annual food inflation rate for the 12 months ending in February 2025 was 34.74%, which is 4.67 percentage points higher than the 30.07% recorded in February 2024.
