English>

Market News

Nigeria’s inflation slows for second consecutive month after rebasing - BUSINESSDAY

MARCH 17, 2025

Nigeria’s inflation fell to 23.2 percent in February, the second consecutive drop after the National Bureau of Statistics (NBS) changed its methodology.

Annual consumer prices rose 23.2 percent in February from 24.5 percent in January, according to data by NBS in an email on Monday.

Last month, the National Bureau of Statistics (NBS) released the rebased Consumer Price Index (CPI) data of 24.48 percent from 34.8 percent.

Related News

Read also: Nigeria inflation seen cooling further in February ahead official data

According to the Bureau, the rationale for the rebasing exercise was to provide an updated methodology for capturing current household spending patterns and revise the composition of the country’s inflation basket.

Consequently, the NBS changed the price reference period (base year) from 2009 to 2024 and expanded the nation’s inflation basket from 740 items to 960 items. The decision to peg 2024 as the new base year was significant, as it was a period characterised by significant price pressures due to a combination of factors.

SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics