UPDATED: Nigeria’s inflation rate drops to 23.18% in February, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that based on the rebased Consumer Price Index (CPI), Nigeria’s headline inflation rate slowed by 130 basis points to 23.18per cent in February 2025 from 24.48 per cent recorded January: 2025.
The CPI report by NBS stated that on a month-on-month basis, consumer prices fell to 2.04per cent in February 2025 from 10.68 per cent reported in January 2025.
NBS stated that, “On a year-on-year basis, the headline inflation rate was 8.52per cent lower than the rate recorded in February 2024 (31.70per cent).
“This shows that the headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100.
“Furthermore, on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04per cent.”
NBS explained that the percentage change in the average CPI for the 12-month ending February 2025 over the average for the previous 12-month period was 30.09per cent, showing 3.91percentage points increase compared to 26.18per cent recorded in February 2024.
On urban inflation, the report by NBS said, “On a year-on-year basis, in February 2025, the Urban inflation rate was 25.15per cent, showing 8.51percentage points lower compared to the 33.66per cent recorded in February 2024.
“On a month-on-month basis, the Urban inflation rate was 2.40per cent in February 2025. The corresponding twelve-month average for the Urban inflation rate was 32.22per cent in February 2025.
“This was 4.28percentage points higher compared to the 27.93per cent reported in February 2024.”
According to NBS, the rural inflation rate in February 2025 was 19.89per cent on a year-on-year basis.
“This was 10.09per cent lower than the 29.99per cent recorded in February 2024. On a month-on-month basis, the Rural inflation rate in February 2025 was 1.16per cent .
“The corresponding 12-month average for the Rural inflation rate in February 2025 was 27.94per cent . This was 3.33percentage points higher compared to the 24.61per cent recorded in February 2024,” the report added.
The report noted that the food inflation rate in February 2025 was 23.51per cent on a year-on-year basis.
“This was 14.41per cent lower compared to the rate recorded in February 2024 (37.92per cent). The significant decline in the food inflation figure is technically due to the change in the base year.
“However, on a month-on-month basis, the Food inflation rate in February 2025 was 1.67per cent.
“Compared to the month of January 2025, there was an observed decline in the average prices of food items like Yam tuber, Potatoes, Soya beans, Flour of maize/cornmeal, Cassava, Bambara beans (Dried), etc.
“The average annual rate of Food inflation for the twelve months ending February 2025 over the previous 12-month average was 34.74per cent, which was 4.67percentage points higher compared with the average annual rate of change recorded in February 2024 (30.07per cent)”
