Nigeria’s inflation rate declined marginally to 15.06 per cent in February 2026, marking a continued, albeit slow, moderation in price pressures, according to data released by the National Bureau of Statistics (NBS).
The figure represents a decrease of 0.04 percentage points from the 15.10 per cent recorded in January. While the monthly drop is slight, it extends a trend of deceleration that policymakers at the Central Bank of Nigeria (CBN) will scrutinize as they aim for greater price stability.
On an annual basis, the decline is more pronounced. Headline inflation fell significantly from 26.27 per cent in February 2025, a reduction of 11.21 percentage points. The Consumer Price Index (CPI), which measures the average change over time in the prices of goods and services consumed by households, rose to 130.0 in February from 127.4 in January—a 2.6-point increase within the month.
However, monthly price rises accelerated. The month-on-month inflation rate increased to 2.01 per cent in February, up from 1.88 per cent in January, indicating that the pace of price growth quickened in the short term.
Food prices remained the primary driver of inflation. Food and non-alcoholic beverages contributed 6.03 percentage points to the headline index. Other significant contributors included restaurants and accommodation services (1.95 points), transport (1.61 points), and housing, water, electricity, gas and other fuels (1.27 points).
Food inflation itself saw a sharp yearly drop to 12.12 per cent from 26.98 per cent a year earlier. Yet, on a monthly basis, food prices surged, with the food inflation rate rising to 4.69 per cent in February—a dramatic increase from the previous month’s rate of -6.02 per cent (a deflationary period). The NBS attributed this monthly spike to higher average prices for items such as beans, carrots, cassava tuber, and yam flour.
Urban inflation remained higher than rural inflation on an annual basis, at 15.53 per cent versus 13.93 per cent, both showing significant year-on-year declines from 2025 levels. On a monthly basis, urban inflation rose to 2.55 per cent, while rural inflation increased to 0.71 per cent.
Core inflation, which excludes volatile food and energy prices, also moderated annually to 15.88 per cent from 25.66 per cent in February 2025. Month-on-month, the core rate rose to 0.89 per cent, recovering from a contraction of 1.69 per cent in January.
The data underscores a complex inflation trajectory: while the annual trend shows substantial disinflation from the previous year, short-term monthly increases—particularly in food costs—highlight persistent vulnerabilities. The CBN’s Monetary Policy Committee will likely weigh this delicate balance between cooling entrenched price pressures and supporting economic activity as it prepares for its next policy meeting.
