Korede Abdullah in Lagos
Nigeria’s inflation rate has dropped for the second consecutive month, raising hopes that price pressures may have peaked and could continue to moderate in the coming months.
According to the National Bureau of Statistics (NBS), the country’s headline inflation rate dropped to 23.18% in February 2025, down from 24.48% in January. This reflects a 1.30% decrease within the month, and an 8.52 percentage point drop from the 31.70% recorded in February 2024.
The NBS noted that “in February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%.”
The Bureau also highlighted that “on a year-on-year basis, the Headline inflation rate was 8.52% lower than the rate recorded in February 2024.”
This decline suggests a significant slowdown in price increases compared to the same period last year. The month-on-month inflation rate for February stood at 2.04%, indicating the rate at which prices increased within the month.
The drop in inflation comes amid efforts by the Central Bank of Nigeria to rein in price surges through monetary tightening and forex stabilisation policies.
While prices are still rising, the slowdown suggests a gradual easing of inflationary pressures in the economy. As the NBS stated, “Furthermore, on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04%.”
This trend is expected to continue, bringing relief to Nigerians who have been battling high prices and inflationary pressures.
