Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS).
This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025.
The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of household spending patterns.
A breakdown of the data shows that urban inflation stood at 25.15 per cent year-on-year in February, down from 33.66 per cent in February 2024, while rural inflation dropped to 19.89 per cent from 29.99 per cent.
On a month-on-month basis, urban inflation was 2.40 per cent, while rural inflation stood at 1.16 per cent.
Food inflation, which heavily influences overall inflation, also eased to 23.51 per cent in February, compared to 26.08 per cent in January.
Inflation was at its highest in 28 years in 2024, after President Bola Tinubu ended the costly petrol subsidy and devalued the naira.
In response, the Central Bank of Nigeria (CBN) raised interest rates six times last year to control inflation.
However, at its first rate-setting meeting of the year in February, the CBN maintained the interest rate at 27.5 per cent, citing falling inflation.
The CBN Governor, Olayemi Cardoso, expressed optimism that inflation would continue to decline gradually.
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