By Jemimah Wellington, JKNewsMedia Reporter
THE HEADLINE inflation rate in Nigeria eased to 23.18% in February 2025, marking a 1.30% decline from the 24.48% recorded in January, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.
The report highlights a significant downward shift in inflationary pressures across the economy.
On a year-on-year basis, the headline inflation rate in February 2025 was 8.52% lower than the 31.70% recorded in February 2024.
The NBS noted that the change reflects a different base year, with the current calculations aligned to November 2009 = 100.
This decline indicates easing inflationary trends compared to the same period in the previous year.
The report further detailed that, on a month-on-month basis, the headline inflation rate stood at 2.04% in February 2025, continuing a downward trajectory.
This reduction is attributed to declining price pressures in various sectors of the economy.
The NBS data also revealed that food inflation in February 2025 was recorded at 23.51% on a year-on-year basis, showing a steep decline of 14.41% compared to 37.92% in February 2024.
This significant drop is largely due to the revised base year effect, the report stated.
However, on a month-on-month basis, food inflation stood at 1.67% in February 2025.
The Bureau attributed this decline to a reduction in the average prices of key food items, including yam tubers, potatoes, soya beans, maize flour, cassava, and dried Bambara beans.
The average annual rate of food inflation for the twelve months ending February 2025 was 34.74%, marking an increase of 4.67 percentage points from the 30.07% recorded in February 2024.
The easing of headline inflation suggests a stabilisation in the country’s economic landscape, potentially offering relief to consumers and businesses facing high costs.
Analysts suggest that this trend could influence monetary policy decisions in the coming months as authorities continue to address inflationary pressures.
The NBS report remains a crucial indicator of the nation’s economic health, particularly as policymakers, investors, and financial institutions assess inflation trends and their broader economic implications.
