Nigeria’s headline inflation rate decreased to 23.18% in February 2025, down from 24.48% in January 2025. This was revealed by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for February 2025, released on Monday.
The NBS highlighted a 1.30% decline in the headline inflation rate from January to February 2025. On a year-on-year basis, the February 2025 headline inflation rate was 8.52% lower than the 31.70% recorded in February 2024.
The Bureau emphasized that the year-on-year headline inflation rate decreased in February 2025 compared to the same month in the previous year. The February 2025 headline inflation rate stood at 2.04% on a month-on-month basis.
Food Inflation:
Food inflation stood at 23.51% on a year-on-year basis in February 2025, a decrease of 14.41% compared to the 37.92% rate recorded in February 2024. While this significant drop in food inflation is primarily attributed to changes in the base year, the month-on-month food inflation rate in February 2025 was 1.67%.
The NBS also noted a reduction in the average prices of food items such as yam tubers, potatoes, soybeans, maize flour, cassava, and dried bambara beans when compared to January 2025.
For the twelve months ending February 2025, the average annual rate of food inflation was 34.74%, 4.67% higher than the average rate recorded in February 2024, which was 30.07%.
