In February 2025, Nigeria’s annual inflation rate fell to 23.18%, the lowest since June 2023, down from 24.48% in January. Food inflation also eased to 23.51%, the lowest since September 2022. This decline is attributed to a technical adjustment in the Consumer Price Index rebased to 2024. The month-on-month CPI increased by 2%.
In February 2025, Nigeria’s annual inflation rate decreased to 23.18%, marking its lowest level since June 2023, down from 24.48% in January. This reduction reflects a significant improvement in the economic landscape of the country. Furthermore, food inflation declined to 23.51%, which is the lowest rate recorded since September 2022.
The decrease in inflation is largely attributed to a technical adjustment made by the National Bureau of Statistics. In January 2025, the bureau rebased the Consumer Price Index from 2009 to 2024, which has significantly influenced the current inflation figures.
Despite the overall reduction in inflation rates, the Consumer Price Index, when assessed on a month-to-month basis, revealed an increase of 2%. This indicates that while inflation rates are declining, there are still fluctuations in prices from month to month.
The recent decrease in Nigeria’s inflation rate embodies favorable economic trends, underscored by a rebased Consumer Price Index and a notable reduction in food inflation. As these adjustments take effect, ongoing monitoring will be essential to assess the full impact on the economy, particularly in how prices may fluctuate from month to month.
Original Source: www.tradingview.com
