Nigeria’s Inflation Rate Sees Significant Decline in February 2025

Nigeria’s inflation rate decreased to 23.18% in February 2025, the lowest since June 2023, and food inflation eased to 23.51%. These changes were largely due to a rebase of the Consumer Price Index from 2009 to 2024. On a month-on-month basis, CPI rose by 2%.

In February 2025, Nigeria’s annual inflation rate fell to 23.18%, the lowest since June 2023, down from 24.48% in January. This decline reflects a significant change in the economic landscape, indicating favorable trends in pricing.

Food inflation also witnessed a decrease, reaching 23.51%, the lowest level since September 2022. Such trends suggest improvements in food supply and pricing stability within the country.

The primary factor driving this decrease in inflation is a technical adjustment made by the National Bureau of Statistics. In January 2025, they rebased the Consumer Price Index (CPI) from 2009 to 2024, resulting in a recalibration of the inflation metrics.

The decrease in Nigeria’s inflation rate to 23.18% and food inflation to 23.51% signals a positive economic trend amidst previous pressures. The rebasing of the Consumer Price Index has played a crucial role in this development, reflecting necessary adjustments in the economic indicators. These changes may herald a more stable economic environment moving forward.

Original Source: www.tradingview.com