The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate for the second consecutive month, signaling a potential easing of price pressures in the economy.
According to the NBS report released on Monday, the country’s headline inflation rate dropped to 23.18% in February 2025, down from 24.48% recorded in January 2025. This represents a 1.30% decrease within the month.
On a year-on-year basis, the inflation rate saw a significant drop of 8.52 percentage points, compared to 31.70% in February 2024.
The report stated, “In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%.”
“Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30% compared to the January 2025 Headline inflation rate.”
“On a year-on-year basis, the Headline inflation rate was 8.52% lower than the rate recorded in February 2024 (31.70%). 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%.”
Despite the continued rise in prices, the slowdown suggests a gradual easing of inflationary pressures in the economy.
The decline comes as the Central Bank of Nigeria (CBN) intensifies efforts to control inflation through monetary tightening and forex stabilisation policies.
In 2024, inflation surged to record highs due to factors such as currency depreciation, high transportation costs, and supply chain disruptions. The recent drop in inflation offers a glimmer of hope for economic stability in the coming months.
