Nigeria’s inflation charge declined to 23.18% in February 2025, marking a slight drop from 24.1% recorded in January 2025.
That is based on the newly-released Client Value Index and Inflation by the Nationwide Bureau of Statistics (NBS) for February 2025.
The company final month overhauled the patron worth index for the primary time in 16 years and altered the reference 12 months to 2024, which it mentioned would higher mirror the inflation pressures dealing with households in Nigeria.
In accordance with the company, the February 2025 Headline inflation charge confirmed a lower of 1.30% in comparison with the January 2025 Headline inflation charge.
The NBS mentioned “On a year-on-year foundation, the Headline inflation charge was 8.52% decrease than the speed recorded in February 2024 (31.70%). This reveals that the Headline inflation charge (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 charge in February 2025 stood at 2.04%.”
Rural and City dynamics
The NBS reported that the city inflation charge stood at 25.15% in February 2025, reflecting an 8.51 share level decline from the 33.66% recorded in February 2024. On a month-on-month foundation, city inflation was 2.40% for February 2025. Moreover, the twelve-month common city inflation charge was 32.22%, marking a 4.28 share level improve from the 27.93% recorded in February 2024.
It was reported that the agricultural inflation charge stood at 19.89% in February 2025 on a year-on-year foundation, representing a ten.09 share level decline from the 29.99% recorded in February 2024. On a month-on-month foundation, rural inflation was 1.16% in February 2025. Moreover, the twelve-month common rural inflation charge was 27.94%, reflecting a 3.33 share level improve from the 24.61% recorded in February 2024.
Meals inflation
The NBS reported that the meals inflation charge in February 2025 stood at 23.51% year-on-year, marking a 14.41 share level drop from the 37.92% recorded in February 2024. This notable decline is essentially attributed to the latest change within the base 12 months for inflation calculations. On a month-on-month foundation, meals inflation was 1.67% in February 2025, reflecting a lower in common meals costs in comparison with January 2025.
Earlier, Nairametrics reported that meals costs within the Federal Capital Territory (FCT) and its surrounding areas have began to say no.
What you need to know
- The drop in inflation may sign improved financial stability, however it doesn’t essentially translate into decrease costs within the speedy time period.
- As a substitute, the slower tempo of inflation signifies that costs are rising at a diminished charge, providing some reduction to households and companies scuffling with excessive prices.
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