Nigeria’s food inflation dropped to 23.51% in February 2025 from 37.92% in February 2024, reflecting easing price pressures. The average monthly food inflation was reported at 1.67%. Various regions displayed significant disparities in food inflation rates, with some experiencing much higher prices due to local conditions.
Nigeria’s food inflation rate decreased to 23.51% in February 2025, a substantial reduction from 37.92% in February 2024, according to the National Bureau of Statistics (NBS) Consumer Price Index report. This decline signifies easing pressures on food prices; however, the month-on-month data indicates that food prices continue to rise. The significant year-on-year reduction can partly be attributed to a change in the measurement base year.
On a monthly comparison, food inflation was registered at 1.67% in February 2025, indicating a slower rate of food price increases compared to January of the same year. Although food costs remain on an upward trend, the increase’s pace has notably decreased. The report outlines declining average prices for key staples such as yam tubers, potatoes, soybeans, maize flour, cassava, and dried bambara beans, which may point towards improved supply conditions or mitigated exchange rate pressures.
The NBS report stated, “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 significant decline in the food inflation figure is technically due to the change in the base year.”
It further explained, “However, on a month-on-month basis, the Food inflation rate in February 2025 was 1.67%. Compared to 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.” Despite the reduction in food inflation, food prices remain a primary contributor to the overall inflation rate, impacting non-alcoholic beverages as well.
Regional discrepancies were evident as food inflation markedly varied among states. Sokoto recorded the highest food inflation at 38.34%, followed closely by Edo at 35.08% and Nasarawa at 33.53%. This disparity can be attributed to supply chain disruptions, elevated transportation costs, and seasonal agricultural challenges.
Conversely, Adamawa exhibited the lowest food inflation rate at 12.18%, with Ondo and Oyo at 13.66% and 15.55%, respectively. These regions benefited from enhanced local production and lower dependency on imported food supplies. Month-on-month variations revealed Sokoto experiencing the highest increase in food inflation at 18.83%, while Ondo, Kaduna, and Oyo noted price declines, potentially attributed to favorable local supply dynamics or strategic policy interventions.
In summary, Nigeria’s food inflation has experienced a notable decline to 23.51% in February 2025, down from the previous year’s 37.92%. While month-on-month inflation has shown a decrease to 1.67%, food prices remain a critical factor in overall inflation. Regional disparities highlight significant differences in food inflation rates, influenced by local agricultural conditions and supply chain factors.
Original Source: nairametrics.com
