Nigeria’s inflation rate has shown a second consecutive month of decline in February, raising hopes for a continued moderation of price pressures.
According to a report released by the National Bureau of Statistics (NBS) on Monday, the country’s headline inflation rate fell to 23.18 percent in February 2025, down from 24.48 percent in January, representing a 1.30 percent decrease within the month.
On a year-on-year basis, the inflation rate decreased by 8.52 percentage points from the 31.70 percent recorded in February 2024. The NBS clarified that while the figures were calculated using a different base year, the decline indicates a notable slowdown in price increases compared to the same period last year.
The month-on-month inflation rate for February was recorded at 2.04 percent, reflecting the rate at which prices increased within the month.
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“In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48 per cent. Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30 per cent compared to the January 2025 Headline inflation rate,” the NBS stated.
“On a year-on-year basis, the Headline inflation rate was 8.52 per cent lower than the rate recorded in February 2024 (31.70 per 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 2.04 per cent,” the report detailed.
While prices are still on the rise, the observed slowdown suggests a gradual easing of inflationary pressures within the Nigerian economy.
This decline comes amidst ongoing efforts by the Central Bank of Nigeria to curb price surges through monetary tightening and foreign exchange stabilization policies. The high inflation rates in 2024 were attributed to rising costs of goods and services, driven by currency depreciation, high transportation costs, and supply chain disruptions.
