The Central Bank of Nigeria has projected a gradual decline in the country’s inflation rate over the next six months. In its latest inflation expectations report for February 2025, the apex bank said businesses and households anticipate a reduction in inflation alongside decreased spending in the coming months.
The report highlighted that higher-income households earning above N200,000 per month believe inflation is easing, driven by factors such as energy costs, exchange rates, transportation costs, and insecurity. Meanwhile, 65.1% of respondents have called on the CBN to reduce interest rates.
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In a related development, the National Bureau of Statistics says Nigeria’s inflation rate dropped to 23.18% in February 2025, marking the second consecutive monthly decline from 24.48% in January. The latest figure also reflects a significant drop from 31.70% recorded in February 2024 following the adoption of a new Consumer Price Index rebasing methodology.
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