Inflation Rate Drops To 23.18% As Nigerians Lament Over High Cost Of Living

• Nigeria’s inflation rate dropped to 23.18% in February 2025, down from 24.48% in January.

• Despite the decline, economists and Nigerians expressed concern over the high cost of essential commodities nationwide.

• Three states – Edo, Enugu, and Sokoto – recorded inflation rates exceeding 30%, with Edo having the highest at 33.59%.

Nigeria’s inflation rate dropped for the second consecutive month in February 2025, falling to 23.18% from 24.48% recorded in January.

However, economists and Nigerians have expressed concern over the high cost of essential commodities nationwide.

According to the National Bureau of Statistics, the decline in inflation rate was driven by a drop in food prices, with food inflation recorded at 23.51% in February, down from 37.92% in the same month of the previous year.

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The NBS also noted that the prices of key food items such as yam tubers, potatoes, soybeans, maize flour, cassava, and dried bambara beans saw price reductions, helping to ease food inflationary pressures.

Experts have attributed the drop in inflation rate to the base effect and stabilization of the macroeconomic environment.

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Dr. Muda Yusuf, Director of the Centre for Promotion of Private Enterprise, said, “The inflation rate at 23.18% is still very high. This is because the (February inflation) rate indicates that there is still an increase in prices but at a slower rate.”

Prof. Segun Ajibola, a professor of economics at Babcock University, also noted that the drop in energy and food costs was a major driver for the reduced inflation rate.

CBN Governor Predicts 4.17% GDP Growth, Inflation Decline in 2025

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has predicted a 4.17% growth in the country’s Gross Domestic Product (GDP) and a decline in inflation in 2025.

Cardoso made this disclosure at a recent conference, according to Reuters.

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