In February 2025, Nigeria’s annual inflation rate declined to 23.18%, down from 24.48% in January, marking its lowest level since June 2023. Food inflation also decreased to 23.51%, the lowest since September 2022. This decline is largely attributed to a technical adjustment in the Consumer Price Index base year, updated from 2009 to 2024. Furthermore, the CPI rose by 2% month-on-month.
Nigeria’s annual inflation rate saw a notable decrease, falling to 23.18% in February 2025, a decline from 24.48% in January. This is the lowest inflation rate recorded since June 2023. In addition, food inflation has also diminished, currently standing at 23.51%, the lowest rate since September 2022.
This reduction in inflation is primarily due to a technical adjustment in the base year, as the National Bureau of Statistics has rebased the Consumer Price Index (CPI) from 2009 to 2024 as of January 2025. It is important to note that on a month-to-month basis, the CPI experienced an increase of 2%.
In conclusion, Nigeria’s inflation rate is on a downward trend, marking significant decreases in both overall and food inflation. The technical adjustment of the Consumer Price Index has played a crucial role in this decline, leading to improved economic indicators. As such, monitoring these trends will be essential for future economic policy and planning.
Original Source: www.tradingview.com
