Nigeria’s inflation rate fell to 23.18% in February 2025, down from 24.48% in January. Year-on-year food inflation decreased to 23.51%. Core inflation also dropped to 23.01%. Regional variations were observed with the highest inflation in Edo and the lowest in Kaduna.
In February, the National Bureau of Statistics (NBS) reported a decline in Nigeria’s Consumer Price Index (CPI) to 23.18%, down from 24.48% in January. This marks a significant year-on-year decrease of 8.52% from February 2024’s 31.70%. Month-on-month inflation also recorded a rate of 2.04%.
Food inflation decreased notably to 23.51% from 37.92% last year, attributed partly to an adjustment in the base year from 2009 to 2024. Month-on-month, the food index showed a growth of 1.67% with an average annual rate of 34.74% for the year ending February 2025.
The latest figures from the NBS demonstrate a positive trend in the reduction of inflation rates in Nigeria, particularly in the food sector. It is vital to monitor these changes, as they reflect economic adjustments and consumer price trends that impact the everyday lives of citizens. Overall, the decline in both overall and food inflation presents a hopeful outlook for the Nigerian economy.
Original Source: www.arise.tv
