•Highest in Edo, Enugu, Sokoto, others
CHIGOZIE AMADI
The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, further declined to 23.18 per cent in February, compared to 24.48 per cent in the preceding month, the National Bureau of Statistics (NBS) said yesterday.
Year-on-year, the headline inflation was 8.52 per cent lower than 31.70 per cent recorded in February 2024.
According to the CPI report for the review period, month-on-month, inflation stood at 2.04 per cent in February.
Year-on-year, food inflation dropped by 14.41 per cent to 23.51 per cent in February, compared to 37.92 per cent in the corresponding year.
NBS, however, pointed out that the significant decline in food inflation was technically due to the change in the base year, following the recent rebasing of CPI from 2009 to 2024.
Nonetheless, the food index month-on-month, stood at 1.67 per cent, with the average annual rate for the 12 months ending February 2025 over the previous 12-month average at 34.74 per cent, compared to 30.07 per cent in February last year.
NBS stated, “Compared to the month of January 2025, there was an observed decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc.”
Core inflation, which excludes the prices of volatile agricultural produces and energy, also declined by 2.12 per cent to 23.01 per cent, year-on-year in February 2025, compared to the 25.13 per cent in February 2024.
On a month-on-month basis, the core index stood at 2.52 per cent in February while the average 12-month annual inflation rate was 25.33 per cent for the 12 months ending February 2025, higher than 21.72 per cent in February 2024.
The statistical agency further noted that food and non-alcoholic beverages; restaurants and accommodation services; and transport contributed 9.28 per cent, 2.99 per cent and 2.47 per cent, respectfully, to inflation.
Other contributors were housing, water, electricity, gas, and other fuels, which accounted for 1.95 per cent of inflationary concerns.
Education services contributed 1.44 per cent, health 1.40 per cent, clothing and footwear 1.17 per cent, information and communication 0.76 per cent, and personal care, social protection, and miscellaneous goods and services 0.76 per cent.
There were also furnishing, household equipment, and routine household maintenance 0.69 per cent; insurance and financial services 0.11 per cent; and alcoholic beverages, tobacco, recreation, sport, and culture, sport, and culture 0.07 per cent.
Year-on-year, in February 2025, urban inflation declined to 25.15 per cent, compared to 33.66 per cent in February 2024. On a month-on-month basis, the urban index stood at 2.40 per cent.
Similarly, rural inflation dropped to 19.89 per cent year-on-year, from 29.99 per cent in February 2024. Month-on-month, the rural index stood at 1.16 per cent in the review month.
At state level, headline inflation was highest in Edo (33.59 per cent), Enugu (30.72 per cent), and Sokoto (30.19 per cent), while Kaduna (15.45 per cent), Akwa Ibom (15.53 per cent), and Plateau (15.74 per cent) recorded the lowest year-on-year rise.
Month-on-month, however, inflation was highest in Sokoto (11.98 per cent), Kogi (11.38 per cent), and Edo (8.87 per cent), while Kaduna (-8.83 per cent), Ondo (-4.78 per cent) and Plateau (-3.73 per cent) recorded the lowest rise.
Year-on-year, the food index was highest in Sokoto (38.34 per cent), Edo (35.08 per cent), Nasarawa (33.53 per cent), while Adamawa (12.18 per cent), Ondo (13.66 per cent), and Oyo (15.55 per cent) recorded the slowest increase.
Month-on-month, food inflation was highest in Sokoto (18.83 per cent), Nasarawa (15.32 per cent), and Kogi (11.65 per cent), while Ondo (-9.81 per cent), Kaduna (-8.91 per cent), and Oyo (-6.42 per cent) recorded decline.
