Nigeria’s inflation decreased to 23.18% in February 2025, led by food price stabilizations. The top ten states for inflation are ranked, with Edo state at 33.6% inflation, primarily driven by food costs, followed closely by Enugu and Sokoto.
As of February 2025, Nigeria’s inflation rate reached 23.18%, a decline from 24.48% in January. A significant year-on-year drop of 8.52 percentage points from the previous year’s 31.70% highlights moderating price increases across various sectors, largely driven by reduced food inflation and cost pressures in core consumer areas. Food and non-alcoholic beverages were the highest contributors to the inflation rate, comprising 9.28% on a year-on-year basis.
The report detailed contributions from sectors like restaurants, accommodation, transport, housing, and education, underscoring their impact on the inflation rate. Urban inflation was recorded at 25.15%, down from 33.66% in February 2024, while rural inflation was lower at 19.89%. Food inflation specifically fell to 23.51% compared to the previous year’s 37.92%, showcasing the effective measures taken to stabilize food prices.
Core inflation, excluding volatile items, also decreased, with a rate of 23.01% in February 2025. Although prices continue to rise, the pace of increase appears slowed, indicating a trend toward stabilization within the market. Key food items that saw price declines included yam tubers, potatoes, and maize flour, contributing to overall food price moderation.
The inflation data also highlights the ten states experiencing the highest cost of living. The top 10 most expensive states as of February 2025 are detailed below:
1. Edo – 33.6% inflation, 35.1% food inflation, driven by overall high rising costs.
2. Enugu – 30.7% inflation, 31.6% food inflation, with notable increases in all categories.
3. Sokoto – 30.2% inflation, 38.3% food inflation, indicating intense price pressures particularly in food.
4. Imo – 30.1% inflation, 29.0% food inflation, showing significant contributions from non-food items as well.
5. Zamfara – 29.3% inflation, with 28.2% food inflation indicating steady price escalation.
6. Abia – 29.2% inflation and high food inflation, though at a slower rate month-on-month.
7. Gombe – 26.5% inflation and 28.5% food inflation, showing persistent rises.
8. Ogun – 25.8% inflation with food inflation lower, indicating broader cost growth across services.
9. Nasarawa – 25.3% inflation, with food inflation showing sharp year-on-year increases.
10. Ebonyi – 25.1% inflation, reflecting stabilization in price trends despite high rates.
The data from February 2025 reveals a continuing trend of rising costs in Nigeria, with Edo showing the highest inflation rate at 33.6%. Food inflation remains a significant factor, affecting the overall cost of living across multiple states. The information indicates that while inflation rates are declining, essential commodities like food continue to drive inflationary pressures in many regions, necessitating ongoing monitoring and potential policy interventions.
Original Source: nairametrics.com
