Nigeria’s inflation declines for second consecutive month to 23.2% following revised methodology

Nigeria’s inflation rate eased to 23.2% in February, marking a second consecutive decline after the National Bureau of Statistics, NBS, revised its calculation methodology.  

Data released by the NBS on Monday showed that annual consumer prices rose by 23.2% in February, down from 24.5% in January. The agency had last month rebased its Consumer Price Index, CPI, adjusting the inflation rate from 34.8% to 24.48%.  

The rebasing, according to the NBS, was undertaken to better reflect current household spending patterns and update the composition of Nigeria’s inflation basket.