Nigeria’s food inflation rate has slowed down significantly, dropping to 23.51% in February 2025, compared to 37.92% recorded in February 2024, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS).
This decline represents a notable moderation in food price increases, although food prices are still rising.
The NBS report attributes the sharp year-on-year decline in food inflation partly to a change in the base year for measurement.
“The Food inflation rate in February 2025 was 23.51% on a year-on-year basis. This was 14.41% lower compared to the rate recorded in February 2024 (37.92%),” the report said.
However, on a month-on-month basis, food inflation stood at 1.67%, reflecting a slower pace of price increases compared to January 2025.
The average prices of several food items saw a decline in February, including key staples such as yam tubers, potatoes, soybeans, maize flour, cassava, and dried bambara beans.
This suggests a potential improvement in supply conditions or reduced pressure from exchange rate fluctuations, which had previously contributed to food price volatility.
Despite the easing of inflation, food prices remain a major contributor to the overall inflation rate.
Food and non-alcoholic beverages accounted for 9.28% of the total headline inflation rate, making it the most significant driver of inflation in Nigeria.
Regional food inflation trends varied significantly across states, with Sokoto recording the highest food inflation rate at 38.34%, followed by Edo at 35.08% and Nasarawa at 33.53%.
In contrast, Adamawa, Ondo, and Oyo recorded the lowest food inflation rates, with slower food price increases attributed to better local production conditions and less reliance on imported food.
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