WATCH THE VIDEO HERE THE National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate eased to 23.18% in February 2025, down from 24.48% in January 2025. According to the NBS, this represents a 1.30% decrease from the previous month. On a year-on-year basis, the February 2025 inflation rate was 8.52% lower than the 31.70% recorded in February 2024. This indicates a decline in inflation compared to the same period last year. Meanwhile, the month-on-month inflation rate for February 2025 stood at 2.04%. The report also highlighted a decline in food inflation. The year-on-year food inflation rate for February 2025 was 23.51%, marking a 14.41% decrease from the 37.92% recorded in February 2024. The NBS attributed this decline partly to a change in the base year used for calculations. On a month-on-month basis, the food inflation rate for February 2025 was 1.67%, with a noticeable drop in the prices of yam, potatoes, soybeans, maize flour, cassava, and Bambara beans compared to January 2025. The average annual food inflation rate for the 12 months ending in February 2025 was 34.74%, 4.67% higher than the 30.07% recorded in February 2024.
Nigeria’s inflation rate declines to 23.18% from 24.48%
