Nigeria’s headline inflation rate eased to 23.18% in February 2025, relative to the January 2025 headline inflation rate of 24.48%, a report by the National Bureau of Statistics (NBS) said.
The report which was released on Monday, noted that looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30% compared to the January 2025 Headline inflation rate.
According to the report, on a year-on-year basis, the Headline inflation rate was 8.52% lower than the rate recorded in February 2024 (31.70°0).
This, it noted, shows that the Headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100.
Besides, on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04%.
The percentage change in the average CPI for the twelve months ending February 2025 over the average for the previous twelve-month period was 30.09%, showing 3.91% points increase compared to 26.18% recorded in February 2024.
On a year-on-year basis, in February 2025, the Urban inflation rate was 25.15%, showing 8.51% points lower compared to the 33.66% recorded in February 2024.
On a month-on-month basis, the Urban inflation rate was 2.40% in February 2025. The corresponding twelve-month average for the Urban inflation rate was 32.22% in February 2025. This was 4.28% points higher compared to the 27.93% reported in February 2024.
The Rural inflation rate in February 2025 was 19.89% on a year-on-year basis. This was 10.09% lower than the 29.99% recorded in February 2024. On a month-on-month basis, the Rural inflation rate in February 2025 was 1.16%.
The corresponding twelve-month average for the Rural inflation rate in February 2025 was 27.94%.
This was 3.33% points higher compared to the 24.61%. recorded in February 2024.
The food inflation rate in February 2025 was 23.51% on a year-on-year basis. This was 14.41% lower compared to the rate recorded in February 2024 (37.92%). The significant decline in the food inflation figure is technically due to the change in the base year.
However, on a month-on month basis, the Food inflation rate in February 2025 was 1.67%. Compared to the month of January 2025, there was an observed decline in the average prices of food items like Yam tuber, Potatoes, Soya beans, Flour of maize/cornmeal, Cassava, Bambara beans (Dried), etc.
The average annual rate of Food inflation for the twelve months ending February 2025 over the previous twelve-month average was 34.74%, which was 4.67% points higher compared with the average annual rate of change recorded in February 2024 (30.07%).
The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 23.01% in February 2025 on a year-on year basis; a decline of 2.12% points when compared to the 25.13% recorded in February 2024.
On a month-on-month basis, the Core Inflation rate was 2.52% in February 2025. The average twelve-month annual inflation rate was 25.33% for the twelve months ending February 2025, this was 3.60% points higher than the 21.72% recorded in February 2024.
In February 2025, All Items inflation rate on a Year-on-Year basis was highest in Edo (33.59%), Enugu (30.72%), and Sokoto (30.19%), while Kaduna (15.45°o), Akwa Ibom (15.53°o), Plateau (15.74%) recorded the lowest rise in Headline inflation on Year-on-Year basis.
On a Month-on Month basis, however, February 2025 recorded the highest increases in Sokoto (11.98°o), Kogi (11.38%), Edo (8.87%), while Kaduna (-8.83%), Ondo (-4.78° 0) and Plateau (-3.73°o) recorded the lowest rise in Month-on-Month inflation.
In February 2025, Food inflation on a Year-on-Year basis was highest in Sokoto (38.34%), Edo (35.08%), Nasarawa (33.53%), while Adamawa (12.18%), Ondo (13.66°e), and Oyo (15.55%) recorded the slowest rise in Food inflation on Year-onYear basis.
On a Month-on-Month basis, however, February 2025 Food inflation was highest in Sokoto (18.83%), Nasarawa (15.32°o), and Kogi (11.65%) while Ondo (-9.81%), Kaduna (-8.91%), and Oyo (-6.42%) recorded decline in Food inflation on Month-on-Month basis.