The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate, which fell to 23.18% in February 2025 from 24.48% recorded in January.

The figures were released in the bureau’s latest Consumer Price Index (CPI) report on Monday.

According to the NBS, while the headline inflation rate for February showed a decrease compared to January, it still reflected a slight month-on-month increase of 1.30 percentage points.

“On a year-on-year basis, inflation was 8.52 percentage points lower than the 31.70% recorded in February 2024,” the report stated, indicating a slowdown in inflation when compared to the same period last year.

The bureau also noted that on a month-to-month comparison, the inflation rate for February stood at 2.04%, further highlighting trends in price changes.

The decline suggests some easing in inflationary pressures, although overall consumer prices remain a key economic concern.