Nigeria’s inflation rate decreased to 23.18% in February, down from 24.48% in January. Yearly food inflation fell to 23.51%, while core inflation reached 23.01%. Various categories contributed differently to inflation rates, with urban and rural areas both experiencing declines. Certain states had notably high or low inflation rates, showcasing regional disparities.
The National Bureau of Statistics (NBS) reports that Nigeria’s inflation rate dropped to 23.18% in February, a decline from 24.48% in January. This year-on-year figure is significantly lower than the 31.70% inflation recorded in the same month last year. The Consumer Price Index (CPI) indicates a month-on-month inflation rate of 2.04%.
Food inflation, in February, decreased by 14.41% to 23.51% compared to 37.92% in February 2024. This decline is partially attributed to the recent rebasing of the CPI from 2009 to 2024. Month-on-month, food prices rose by 1.67%, with an average annual rate for the preceding 12 months at 34.74%, higher than 30.07% from the previous year.
The core inflation rate, excluding food and energy prices, fell to 23.01% year-on-year from 25.13% in February 2024. It registered a month-on-month increase of 2.52%, with an average annual rate of 25.33% for the 12 months ending in February 2025, up from 21.72% in 2024.
The report highlights major contributors to inflation, including food and non-alcoholic beverages (9.28%), restaurants and accommodation (2.99%), and transport (2.47%). Other categories such as housing and utilities also contributed to inflation, accounting for 1.95%, and education services contributed 1.44%. Services like health and clothing contributed 1.40% and 1.17%, respectively.
Urban inflation fell to 25.15% year-on-year from 33.66% in February 2024, with a month-on-month increase of 2.40%. Similarly, rural inflation decreased to 19.89% from 29.99% year-on-year, with a month-on-month rise of 1.16%.
At the state level, the highest headline inflation was observed in Edo (33.59%), Enugu (30.72%), and Sokoto (30.19%). In contrast, the lowest was in Kaduna (15.45%), Akwa Ibom (15.53%), and Plateau (15.74%). Month-on-month inflation was highest in Sokoto (11.98%), Kogi (11.38%), and Edo (8.87%).
In terms of food inflation, Sokoto recorded the highest year-on-year increase (38.34%), followed by Edo (35.08%) and Nasarawa (33.53%). The slowest increases were in Adamawa (12.18%) and Ondo (13.66%). Month-on-month, Sokoto also had the highest food inflation (18.83%), while Ondo saw a decline (-9.81%).
In conclusion, Nigeria’s inflation decreased to 23.18% in February, demonstrating a significant drop compared to previous months and the same period last year. Key factors influencing this decline include regulatory measures and changes in the base years affecting calculations. Urban and rural inflation also declined, indicating a broad-based easing in price pressures despite pockets of high inflation in specific regions and categories.
Original Source: www.arise.tv
