Nigeria’s Inflation Rate Declines to 23.18% in February – NBS

Nigeria’s Inflation Rate Declines to 23.18% in February - NBS
NBS
On a year-on-year basis, inflation showed a significant drop of 8.52 percentage points compared to the 31.70% recorded in February 2024. The NBS clarified that while the figures were calculated using a different base year, the decline reflects a notable reduction in the pace of price increases.

Abuja, Nigeria – Nigeria’s inflation rate dropped for the second consecutive month in February 2025, signaling a potential slowdown in price pressures across the economy.

According to the latest data from the National Bureau of Statistics (NBS), the country’s headline inflation rate declined to 23.18% in February, down from 24.48% in January. This represents a decrease of 1.30 percentage points within a month.

On a year-on-year basis, inflation showed a significant drop of 8.52 percentage points compared to the 31.70% recorded in February 2024. The NBS clarified that while the figures were calculated using a different base year, the decline reflects a notable reduction in the pace of price increases.

The report also highlighted that the month-on-month rate stood at 2.04%, indicating the rate at which prices rose within February alone.

“In February 2025, the headline rate eased to 23.18%, reflecting a decline from 24.48% in January 2025,” the NBS stated. “This represents a 1.30 percentage point reduction compared to the previous month. On a year-on-year basis, the rate was 8.52 percentage points lower than the 31.70% recorded in February 2024, though with a different base year (November 2009 = 100).”

The easing inflationary trend comes as the Central Bank of Nigeria (CBN) continues its efforts to stabilize the economy through monetary tightening and forex management policies. In 2024, inflation had soared to record highs due to factors such as currency depreciation, rising transportation costs, and supply chain disruptions.

Although prices are still increasing, the recent slowdown suggests that inflationary pressures may be gradually easing, offering a glimmer of hope for economic stability in the coming months.


Copyright 2024 REPORT AFRIQUE (RA). Permission to use portions of this article is granted provided appropriate credits are given to www.reportafrique.com and other relevant sources.This Article is Fact-Checked. See Policy.
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