Nigeria’s annual inflation rate fell to 23.18% in February 2025, the lowest since June 2023. Food inflation also decreased to 23.51%, its lowest since September 2022. These changes are attributed to a rebasing of the Consumer Price Index by the National Bureau of Statistics.
In February 2025, Nigeria’s annual inflation rate decreased to 23.18%, marking a notable decline from 24.48% in January. This represents the lowest inflation rate observed since June 2023. Concurrently, food inflation also saw a reduction, falling to 23.51%, the lowest since September 2022.
This decrease in inflation is mainly due to adjustments in the base year for the Consumer Price Index (CPI). The National Bureau of Statistics has rebased the CPI from 2009 to 2024 effective January 2025, which has contributed to this adjustment. Despite the annual decline, the month-on-month CPI showed an increase of 2%.
In summary, Nigeria’s inflation rate is experiencing a notable reduction, driven largely by changes in the CPI base year. As of February 2025, both overall and food inflation rates are decreasing, suggesting a potential stabilization in the economy. However, a monthly increase in CPI suggests ongoing price pressures that may need monitoring.
Original Source: www.tradingview.com
