Nigeria’s Inflation Rate Dips to 23.18% in February

Nigeria:  Nigeria’s inflation rate declined to 23.18% in February, marking a 1.30% decrease from the 24.48% recorded in January, according to the National Bureau of Statistics (NBS).

This downward trend indicates moderating price pressures. On a year-on-year basis, the February 2025 inflation rate is 8.52% lower than the 31.70% recorded in February 2024, representing a significant decline.

The NBS report also revealed that the urban inflation rate stood at 25.15%, down 8.51% from 33.66% in February 2024, while the rural inflation rate was 19.89%, a 10.09% decrease from 29.99% in February 2024. The 12-month average Consumer Price Index (CPI) for February 2025 was 30.09%, 3.91 percentage points higher than the 26.18% recorded in February 2024.

By Taiwo olatinwo/ March 18, 2025