Nigeria’s inflation rate eases to 23.18% in February – NBS

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate eased to 23.18 per cent in February 2025.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for February 2025, which was released in Abuja on Monday.

According to the report, the headline inflation showed a decrease of 1.30 per cent compared to the 24.48 per cent recorded in January 2025.

It said on a year-on-year basis, the headline inflation rate in February 2025 was 8.52 per cent lower than the rate recorded in February 2024 at 31.70 per cent.

“This shows that the Headline inflation rate on a year-on-year basis decreased in February 2025 compared to February 2024, though with a different base year of November 2009”

Furthermore, the report said on a month-on-month basis, the headline inflation rate in February 2025 was 2.04 per cent.

The report said the increase in the headline index for February 2025 on a year-on-year and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, restaurants and accommodation services, transport, housing, water, electricity, gas, and other fuel, education services, health, and clothing and footwear.

Others are information and communication, personal care, social protection and miscellaneous goods and services, furnishings, household equipment and maintenance, insurance and financial services, alcoholic beverages, tobacco and narcotics, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending February 2025 over the average CPI for the previous 12 months was 30.09 per cent.

“This indicates a 3.91 per cent increase compared to 26.18 per cent recorded in February 2024.”

The report said the food inflation rate in February 2025 decreased to 23.51 per cent on a year-on-year basis, which was 14.41 per cent lower compared to the rate recorded in February 2024 at 37.92 per cent.

The NBS said the significant decline in the food inflation figure was technically due to the change in the base year, which is 2024.

However, the report said on a month-on-month basis, the food inflation rate in February 2025 was 1.67 per cent.

It said the decline in food inflation on a month-on-month basis can be attributed to the decline in the average prices of food items like Yam tuber, Potatoes, Soya beans, Flour of maize/cornmeal, Cassava, Bambara beans (Dried), among others.

The report said that “all items less farm produce and energy’’ or core inflation, which excluded the prices of volatile agricultural produce and energy, stood at 23.01 per cent in February 2025 on a year-on-year basis.

“This decreased by 2.12 per cent compared to 25.13 per cent recorded in February 2024.

“While on a month-on-month basis, the Core Inflation rate was 2.52 per cent in February 2025.”

The NBS said on a month-on-month basis Farm Produce rate stood at 1.77 per cent in February 2025, while the Energy rate stood at -0.99 per cent.

It said Services stood at 3.38 per cent in February 2025 on a month-on-month basis, while Goods had a rate of 1.29 per cent and Imported Food stood at 1.71 per cent.

The report said on a year-on-year basis in February 2025, the urban inflation rate was 25.15 per cent, which was 8.51 per cent points lower compared to the 33.66 per cent recorded in February 2024.

“On a month-on-month basis, the urban inflation rate was 2.40 in February 2025.”

The report said on a year-on-year basis in February, the rural inflation rate was 19.89 per cent, which was 10.09 per cent lower compared to the 29.99 per cent recorded in February 2024.

“On a month-on-month basis, the rural inflation rate was 1.16 per cent.”

On states’ profile analysis, the report showed that in February, all items’ inflation rate on a year-on-year basis was highest in Edo at 33.59 per cent, followed by Enugu at 30.72 per cent, and Sokoto at 30.19 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 15.45 per cent, followed by Akwa Ibom at 15.53 per cent, and Plateau at 15.74 per cent.

The report, however, said in February 2025, all items inflation rate on a month-on-month basis was highest in Sokoto at 11.98 per cent, followed by Kogi at 11.38 per cent, and Edo at 8.87 per cent.

“Kaduna -8.83 per cent, followed by Ondo at -4.78 per cent and Plateau at -3.37 per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Sokoto at 38.34 per cent, followed by Edo at 35.08 per cent, and Nasarawa at 33.53 per cent.

“Adamawa at 12.18 per cent, followed by Ondo at 13.66 per cent and Oyo at 15.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Sokoto at 18.83 per cent, followed by Nasarawa at 15.32 per cent, and Kogi at 11.65 per cent.

“Ondo at -9.81 per cent, followed by Kaduna at -8.91 per cent and Oyo at -6.42 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

It was reported that the NBS recently rebased the CPI and released the rebased CPI results for January 2025 in February.

The Statistician-General of the Federation, Adeyemi Adeniran, said the rebasing was designed to ensure that Nigeria’s economic indicators accurately reflected the current structure of the economy.

This includes incorporating new and emerging sectors, updating consumption baskets, and refining data collection methods.

Adeniran said part of the process of rebasing the CPI included bringing the base year closer to the current period, from 2009 to 2024.