Nigeria’s headline inflation rate eased to 23.18% in February 2025, marking a second consecutive monthly decline from the 24.48% recorded in January, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The February inflation figure represents a 1.30% decrease from the previous month and a significant drop of 8.52 percentage points compared to the 31.70% recorded in February 2024.
The decline suggests a slowing pace of price increases across key sectors of the economy, driven by moderating food inflation and lower cost pressures in some consumer categories.
The NBS report shows that food and non-alcoholic beverages remained the largest driver of inflation, contributing 9.28% to the headline inflation rate on a year-on-year basis.
Other key contributors included restaurants and accommodation services, transport, housing, water, electricity, gas, and other fuels, as well as education and health services. On a month-on-month basis, food prices were also the biggest driver, contributing 0.82% to inflation, followed by restaurants and accommodation services at 0.26% and transport at 0.22%.
Urban inflation stood at 25.15% in February 2025, a decrease from 33.66% recorded in February 2024. On a month-on-month basis, urban inflation was 2.40%, indicating that prices are still rising but at a slower rate. Rural inflation was lower at 19.89%, reflecting a 10.09% decline from the 29.99% recorded a year earlier. Month-on-month, rural inflation stood at 1.16%, suggesting a more stable pricing environment in rural areas compared to urban centres.
The food inflation rate in February 2025 was 23.51% on a year-on-year basis, significantly lower than the 37.92% recorded in February 2024. The NBS attributed the sharp drop partly to a change in the base year for measurement. On a month-on-month basis, food inflation was 1.67%, indicating a slower pace of food price increases compared to previous months. Key food items that recorded price declines included yam tubers, potatoes, soybeans, maize flour, cassava, and dried bambara beans.
Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.01% in February 2025 on a year-on-year basis, down from 25.13% in February 2024. On a month-on-month basis, core inflation was 2.52%, showing that non-food and non-energy items still experienced moderate price increases.
As inflationary pressures persist, households and businesses in these states continue to grapple with rising costs. The latest inflation data highlight the states where the cost of living is rising the fastest, with food prices playing a crucial role in many regions.
Below is a ranking of the 10 most expensive states in Nigeria as of February 2025:
10. Ebonyi – 25.1%
Ebonyi recorded an annual inflation rate of 25.1%, with food inflation at 28.1%. However, on a month-on-month basis, the state saw minimal price increases, with food inflation rising by just 0.5%, while the general price level dropped by -0.3%. This suggests that inflationary pressures in Ebonyi may be stabilizing compared to other states.
9. Nasarawa – 25.3%
With an overall inflation rate of 25.3%, Nasarawa State ranks ninth among the most expensive states. Food prices surged by 33.5% annually, making it a major driver of inflation in the state. The month-on-month figures show a sharp increase in food prices at 15.3%, while all items inflation climbed by 6.9%, indicating a significant rise in the cost of living.
8. Ogun – 25.8%
Ogun recorded an inflation rate of 25.8%, with food inflation at 23.0%. Unlike many other states on the list, food inflation is lower than the general inflation rate, indicating that other goods and services are contributing more to the high cost of living. On a monthly basis, food prices barely increased (0.2%), while overall inflation stood at 3.8%.
7. Gombe – 26.5%
Gombe saw an annual inflation rate of 26.5%, with food prices increasing by 28.5%. Food is a significant driver of inflation in the state. On a month-on-month basis, food inflation increased by 4.2%, while all items rose by 5.4%, reflecting a persistent rise in costs.
6. Abia – 29.2%
With an inflation rate of 29.2%, Abia is among the states with the highest cost of living. Food prices increased by 31.9% year-on-year, showing that food inflation is a major driver of rising costs. However, on a monthly basis, food prices rose by just 2.3%, while overall inflation increased by 1.6%, indicating a more moderate increase in prices compared to other states.
5. Zamfara – 29.3%
Zamfara recorded an overall inflation rate of 29.3%, with food inflation at 28.2%. While food prices are high, they are not the primary inflation driver. On a monthly basis, food inflation rose by 3.1%, while general price levels increased by 3.3%, showing steady inflationary pressure in the state.
4. Imo – 30.1%
Imo ranks among the top five most expensive states with an inflation rate of 30.1%. Food inflation stood at 29.0%, meaning that while food contributes significantly to the high cost of living, other items are also pushing prices up. Month-on-month food inflation was relatively moderate at 1.1%, while overall inflation rose by 2.1%.
3. Sokoto – 30.2%
Sokoto recorded an inflation rate of 30.2%, but food inflation was much higher at 38.3%, making it the main driver of the high cost of living. The state also saw one of the highest month-on-month increases, with food prices surging by 18.8% and overall inflation climbing by 12.0%. This suggests that Sokoto is experiencing intense inflationary pressure, particularly in food prices.
2. Enugu – 30.7%
Enugu recorded an inflation rate of 30.7%, with food inflation at 31.6%. This indicates that food is a key inflation driver in the state. Month-on-month, food inflation rose by 4.0%, while general inflation increased by 4.6%, showing steady price increases across various sectors.
1. Edo – 33.6%
Edo ranked as the most expensive state in Nigeria in February 2025, with an inflation rate of 33.6%. Food inflation was also high at 35.1%, making it a primary driver of rising costs. On a monthly basis, food inflation increased by 10.3%, while overall inflation rose by 8.9%. These figures indicate a significant and ongoing increase in the cost of living, making Edo the state with the highest inflationary pressure in the country.
