Inflation Dropped to 23.18% in February – NBS
Nigeria’s inflation fee eased for the second consecutive month in February, elevating hopes that worth pressures might have peaked and will proceed to average within the coming months.
The Nationwide Bureau of Statistics (NBS), in its newest report launched on Monday, mentioned the nation’s headline inflation fee dropped to 23.18 per cent in February 2025 from 24.48 per cent recorded in January, reflecting a 1.30 per cent lower throughout the month.
On a year-on-year foundation, the inflation fee dropped by 8.52 proportion factors from 31.70 per cent recorded in February 2024.
The NBS famous that whereas the inflation figures had been calculated utilizing a distinct base 12 months, the decline suggests a big slowdown in worth will increase in comparison with the identical interval final 12 months.
The month-on-month inflation fee for February stood at 2.04 per cent, indicating the speed at which costs elevated throughout the month.
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The NBS famous, “In February 2025, the Headline inflation fee eased to 23.18% relative to the January 2025 headline inflation fee of 24.48 per cent.
“Trying on the motion, the February 2025 Headline inflation fee confirmed a lower of 1.30 per cent in comparison with the January 2025 Headline inflation fee.
“On a year-on-year foundation, the Headline inflation fee was 8.52 per cent decrease than the speed recorded in February 2024 (31.70 per cent). This exhibits that the Headline inflation fee (year-on-year foundation) decreased in February 2025 in comparison with the identical month within the previous 12 months (i.e., February 2024), although with a distinct base 12 months, November 2009 = 100.
“Moreover, on a month-on-month foundation, the Headline inflation fee in February 2025 stood at 2.04 per cent.”
Whereas costs are nonetheless rising, the slowdown suggests a gradual easing of inflationary pressures within the economic system.
The drop in inflation comes amid efforts by the Central Financial institution of Nigeria (CBN) to rein in worth surges via financial tightening and foreign exchange stabilisation insurance policies.
Rising prices of products and providers, pushed by foreign money depreciation, excessive transportation prices, and provide chain disruptions, had pushed inflation to file highs in 2024.
