MON MARCH 17 2025-theGBJournal| Pressure on prices for services and goods in Nigeria eased off lower than expected in February, proving some calming news as consumers and business worry about the impact exchange rate have on inflation.
In February 2025, the headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%, according the National Bureau of Statistics (NBS).
The February 2025 rate is 1.30% lower when compared to the January 2025 headline inflation rate, as key economic indicators suggest a more favourable inflation trajectory.
On a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04%.
The Food inflation rate in February 2025 was 23.51% on a year-on-year basis.
The Food inflation rate in February 2025 was 23.51% on a year-on-year basis.
Analysts see the lower inflation numbers as a factor of the recent rebasing of inflation data and the decline in petrol prices.
The rebasing exercise expanded the basket of goods and services tracked, offering a more accurate and less inflated assessment of price movements.
Meanwhile, recent petrol price war between Dangote Refinery and the rest, has arguably, positively impacted transportation and production costs while easing price pressures across various sectors.
Besides, falling prices have been seen in key staple foods—such as tomatoes, maize, millet, and rice, all of which have played a crucial role in moderating inflation.
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