Nigeria’s inflation rate eased to 23.18% in February 2025, down from 24.48% in January, according to the latest report by the National Bureau of Statistics (NBS).
This represents a 1.30% decline from the previous month, suggesting that price pressures are beginning to moderate.
On a year-on-year basis, inflation fell significantly by 8.52 percentage points from 31.70% recorded in February 2024.
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%, up by 3.91 percentage points from 26.18% in February 2024.
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Urban and Rural Inflation
Urban inflation dropped to 25.15% year-on-year, 8.51 percentage points lower than 33.66% in February 2024. On a month-on-month basis, urban inflation stood at 2.40%, while the 12-month average was 32.22%, up from 27.93% in the previous year.
For rural areas, inflation declined to 19.89% year-on-year, marking a 10.09 percentage point drop from 29.99% in February 2024. The month-on-month rural inflation rate was 1.16%, while the 12-month average stood at 27.94%, up from 24.61% recorded in February 2024.
Food Inflation
Food inflation saw a notable decline, falling to 23.51% year-on-year, a significant drop from 37.92% in February 2024. On a month-on-month basis, it stood at 1.67%.
The NBS attributed the decline in food inflation partly to base-year adjustments but also noted a reduction in the prices of key staples, including yam tubers, potatoes, soya beans, maize flour, cassava, and dried Bambara beans.
Recall that the NBS and Central Bank of Nigeria (CBN), announced in January that it will conduct a rebasing of Nigeria’s GDP and Consumer Price Inex
With the steady inflation rate drop, Nigerians hope to see a similar decline in food prices, a major driver of the hitherto high inflation rate the country has been experiencing.