Nigeria's Inflation Declines, Jamaica Sees Deflation

In February 2025, Nigeria's inflation rate decreased to 23.18%, down from 24.48% in January and marking a significant decline from December's 34.80%, following a rebasing of the Consumer Price Index to better reflect current consumption patterns. The reduction in inflation is attributed to reduced diesel and petrol prices, supported by increased output from the Dangote Refinery. Optimism is growing that inflation pressures in Nigeria will continue to ease, which could influence the Central Bank of Nigeria's decision to maintain the interest rate at 27.5%. Meanwhile, Jamaica experienced its second consecutive month of deflation, with a 0.9% decrease driven by a drop in food, non-alcoholic beverage prices, and lower utility costs, bringing its point-to-point inflation rate to 4.4%. The Bank of Jamaica is preparing for a monetary policy meeting amid expectations of a steady US Federal Reserve rate.