Nigeria’s inflation rate dropped to 23.18% in February, down from 24.48% in January, the National Bureau of Statistics (NBS) said on Monday.
The statistics agency said the Consumer Price Index (CPI) report, which measures the rate of change in the prices of goods and services, showed that the February 2025 Headline inflation rate showed a decrease by 1.30%.
“Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30% compared to the January 2025 Headline inflation rate." the agency wrote on X.
The food inflation rate, a crucial indicator for a country with a large population facing food security challenges, was reported at 23.51%.
Troubled economy
Nigeria, Africa's largest oil producer and the 16th largest in the world, has been navigating a surge in a turbulent economic landscape, which analysts mostly link to the lingering effects of the removal of fuel subsidies announced by President Tinubu in May 2023.
TRT Global - Food prices dropping in Nigeria after a prolonged cost-of-living crisis has unexpectedly impacted the grain market, with traders experiencing low demand despite reduced prices.
Nigerian authorities said the costly fuel subsidy regime, a policy designed to keep petrol prices artificially low, became a financial black hole, draining billions from the national treasury and fostering corruption.
The immediate consequence was a sharp spike in fuel prices, triggering a domino effect across the economy.
