Nigeria’s inflation rate fell to 23.51% in February 2025, a sharp drop from 37.92% recorded in February 2024, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The report attributes the year-on-year decline partly to a change in the base year for measurement. However, despite the slowdown, food prices are still rising, with month-on-month food inflation recorded at 1.67% in February—lower than in January 2025.
The NBS report highlights that the prices of key staples, including yam tubers, potatoes, soybeans, maize flour, cassava, and dried bambara beans, saw slower price increases compared to previous months.
The moderation in food price inflation suggests possible improvements in supply conditions or reduced pressure from exchange rate fluctuations.
Despite this decline, food prices remain a key driver of Nigeria’s overall inflation. The food and non-alcoholic beverages category contributed 9.28% to total headline inflation, maintaining its position as the most significant inflationary factor.
Food inflation varied significantly across states, with Sokoto recording the highest rate at 38.34%, followed by Edo at 35.08% and Nasarawa at 33.53%, largely driven by supply chain disruptions, transportation costs, and seasonal factors.
In contrast, Adamawa recorded the lowest food inflation at 12.18%, followed by Ondo at 13.66% and Oyo at 15.55%, likely due to stronger local production and reduced dependence on imported food.
On a month-on-month basis, Sokoto saw the highest increase at 18.83%, followed by Nasarawa at 15.32% and Kogi at 11.65%. Meanwhile, Ondo, Kaduna, and Oyo recorded declines in food prices, suggesting localized supply improvements or policy interventions that helped stabilize costs.
While food inflation is easing, rising food costs continue to impact household purchasing power, making price stability a key concern for policymakers.
