Nigeria’s inflation rate declined to 23.18% in February 2025, down from 24.48% in January, according to the National Bureau of Statistics (NBS).
The drop follows the rebasing of the Consumer Price Index (CPI), which now uses 2024 as the base year instead of 2009. On a year-on-year basis, inflation was 8.52% lower than the 31.70% recorded in February 2024.
Food inflation also fell to 23.51%, marking a significant drop from 37.92% in February 2024. However, the NBS attributed much of this decline to the base year adjustment.
Month-on-month, food prices rose by 1.67%, with slight declines in the costs of yam, potatoes, maize flour, cassava, and dried Bambara beans.
Despite the overall decline, the average annual food inflation rate over the past year stood at 34.74%, up from 30.07% in the previous year.
