Nigeria’s inflation rate drops to 23.2% in February 2025, a slight decline from January’s 24.1%. This follows an overhaul of the consumer price index aimed at better reflecting inflation pressures. While positive, the rate remains high, keeping economic challenges in focus.
Nigeria's inflation rate experienced a slight decline in February 2025, falling to 23.2% from the 24.1% recorded in January. This drop follows the recent overhaul of the country's consumer price index, marking its first update in 16 years. The changes aimed to better capture the economic realities that households face, reflecting the pressures on cost of living more accurately.
Though the new reference year for the index was shifted to 2024, the official confirmation from the National Bureau of Statistics (NBS) was not available at the time of writing, with the data reported by Bloomberg.
The inflation reduction offers a glimpse of potential economic stabilization but highlights the ongoing challenges faced by households and businesses. Despite the improvement, Nigeria continues to battle high prices, with inflation remaining a key economic issue. The development follows a broader effort by the government to manage inflation while supporting economic growth.
