Nigeria’s Consumer Price Index (CPI), which measures inflation rate, declined to 23.18% in February 2025, from the 24.1% rate recorded in January 2025, the National Bureau of Statistics (NBS) has reported.
In its latest CPI report titled ‘Consumer Price Index February 2025’ published on Monday, March 17, the statistics agency disclosed that in the month under review, the Headline inflation rate showed a decrease of 1.30% compared to the preceding month’s Headline inflation rate.
The Bureau, however, reported that when analyzed on a year-on-year basis, the Headline inflation rate was 8.52% lower than the 31.70% rate recorded in February 2024, indicating 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.
In addition, the CPI report reflected that on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04%, adding that 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.
A further analysis of the CPI report indicated that 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 but on a month-on-month basis, the Urban inflation rate was 2.40% in February 2025.
The Bureau added that the corresponding twelve-month average for the Urban inflation rate was 32.22% in February 2025, representing 4.28% points higher compared to the 27.93% reported in the corresponding month of last year.
It also reported that in the month under review, the Rural inflation rate dropped to 19.89% on a year-on-year basis, representing 10.09% lower than the 29.99% recorded in February 2024 while on a month-on-month basis, the Rural inflation rate in February 2025 was 1.16%.
The NBS’ data revealed that the corresponding twelve-month average for the Rural inflation rate in February 2025 was 27.94%, showing 3.33% points higher compared to the 24.61% recorded in February 2024.
According to the report, the Food inflation rate in February 2025 was 23.51% on a year-on-year basis, 14.41% lower compared to the rate recorded in February 2024 (37.92%).
The statistics agency attributed the significant decline in the food inflation figure technically to the change in the base year, adding however, that on a month-on-month basis, the Food inflation rate in February 2025 was 1.67% but that compared to the preceding month’s rate, 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.
It further clarified that 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 Bureau also reported that 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, representing a decline of 2.12% points when compared to the 25.13% recorded in February 2024.
The CPI report also showed that 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.
It would be recalled that when it published the rebased CPI rate in January this year, the NBS stated that the rebased CPI rate reflected the current inflationary pressure and consumption patterns of consumers in the country.
Prior to the release of the rebased CPI rate for January 2025, the Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, had at several public fora organized by the Bureau to enlighten the public that the rebasing GDP and CPI exercise allowed Nigeria to align with global best statistical reporting practices, providing a more factual picture of Nigeria’s economic landscape.
For instance, in his opening remarks at a joint workshop organized by the Nigerian Economic Summit Group (NESG) and the NBS on January 9 this year in Lagos to sensitize the public on the CPI and GDP rebasing benefits to the country, the Statistician-General emphasized the significance of the rebasing exercises as “foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.”
He reiterated the importance of reliable statistics for design, planning and implementation of policies and programmes for national development, adding that the methodology employed by the NBS in the surveys aligns with global best practices.
