Nigeria’s Inflation Rate Declines to 23.18% in February 2025, NBS…

Nigeria’s inflation rate fell to 23.18% in February 2025 from 24.48% in January, driven by a decrease in food prices year-over-year from 31.70%. The situation has been exacerbated by higher food prices and the effects of recent policy changes, despite government measures to combat inflation and food insecurity.

In February 2025, Nigeria’s annual inflation rate decreased to 23.18% from 24.48% in January of the same year, according to the National Bureau of Statistics (NBS). This reduction signifies a decline of 1.30% in headline inflation between these two months. Moreover, year-on-year comparisons reveal an 8.52% drop from February 2024, when the rate was recorded at 31.70%.

The NBS reported a notable decrease in Nigeria’s inflation rate in February 2025, showcasing improvements on both a month-over-month and year-over-year basis. However, the country continues to grapple with rising food prices, impacting food insecurity. The government’s efforts to address these challenges include suspending tariffs on essential food imports, although inflation remains a pressing concern for many citizens.

Original Source: www.premiumtimesng.com