Nigeria’s Inflation Rate Falls To 23.18% In February 2025 – NBS Reveals

Nigeria’s Inflation Rate Falls To 23.18% In February 2025 – NBS Reveals

Nigeria’s inflation rate declined for the second consecutive month in February, fueling optimism that price pressures may have peaked and could ease further in the coming months.

In its latest report released on Monday, the National Bureau of Statistics (NBS) revealed that the country’s headline inflation rate fell to 23.18% in February 2025, down from 24.48% in January—a 1.30 percentage point decrease within the month.

On a year-on-year basis, inflation dropped by 8.52 percentage points from the 31.70% recorded in February 2024.

Although the NBS noted that the inflation figures were computed using a different base year, the decline reflects a notable slowdown in price increases compared to the same period last year.

The month-on-month inflation rate for February stood at 2.04%, indicating the rate at which prices rose during the month.

The NBS noted, “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.

“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.”

While prices continue to rise, the slowdown points to a gradual easing of inflationary pressures in the economy.

This moderation comes as the Central Bank of Nigeria implements measures to curb inflation through monetary tightening and forex stabilization policies.

In 2024, soaring inflation was driven by currency depreciation, high transportation costs, and supply chain disruptions, leading to record-high price increases.