Nigeria’s inflation rate has shown a notable decline, dropping to 23.18 per cent in February 2025, according to the National Bureau of Statistics (NBS).

This represents a 1.30 per cent decrease from the 24.48 per cent recorded in January, indicating a moderation in price pressures.

The NBS statement highlighted the significant year-on-year improvement, noting that the February 2025 inflation rate is 8.52 per cent lower than the 31.70 per cent recorded in February 2024.

“This is a positive sign for the Nigerian economy,” the NBS stated. “The decline in inflation reflects the effectiveness of ongoing economic policies aimed at stabilising prices.”

On a month-on-month basis, the inflation rate stood at 2.04 per cent in February 2025. The 12-month average Consumer Price Index (CPI) for February 2025 was 30.09 per cent, which is 3.91 percentage points higher than the 26.18 per cent recorded in February 2024.

The NBS also provided a breakdown of urban and rural inflation rates:

• Urban Inflation:
  • Year-on-year: 25.15%, down from 33.66% in February 2024 (8.51% decrease).
  • Month-on-month: 2.40% in February 2025.
  • 12-month average: 32.22%, up from 27.93% in February 2024 (4.28 percentage points higher).
• Rural Inflation:
  • Year-on-year: 19.89%, down from 29.99% in February 2024 (10.09% decrease).
  • 12-month average: 27.94%, up from 24.61% in February 2024 (3.33 percentage points higher).

“The significant year-on-year decline, especially in rural areas, is encouraging,” the NBS report said.

“It suggests that efforts to address inflation are yielding results across both urban and rural regions.”

The NBS report provides a snapshot of the current economic climate, demonstrating a trend of moderating inflation, which is a key indicator for economic stability.