According to a recent report from the National Bureau of Statistics (NBS), Nigeria’s inflation rate declined for the second month in a row, offering signs that rising prices might be slowing down.
The report, released on Monday, stated that the country’s headline inflation rate dropped to 23.18% in February 2025, compared to 24.48% in January 2025. This represents a decrease of 1.30 percentage points within a month.
On a year-on-year basis, inflation also saw a significant drop. The report noted that inflation in February 2024 was 31.70%, meaning that this year’s rate is 8.52 percentage points lower. While prices are still increasing, the slower pace suggests a reduction in inflationary pressures.
The month-on-month inflation rate for February stood at 2.04%, showing how much prices increased within the month.
The NBS stated, “In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%.”
It added, “On a year-on-year basis, the Headline inflation rate was 8.52% lower than the rate recorded in February 2024 (31.70%).”
