Nigeria’s headline inflation rate moderated to 15.06 per cent in February, down from 15.10 per cent in January, according to the National Bureau of Statistics (NBS). The figure, released in Abuja on Monday, represents a 0.04 percentage point monthly decline but masks a more complex picture of price pressures.
The annual rate was significantly lower than the 26.27 per cent recorded in February 2023, reflecting a year-on-year reduction of 11.21 percentage points. However, on a month-on-month basis, inflation rose to 2.01 per cent in February, a sharp reversal from the -2.88 per cent recorded in January. This indicates that the pace of average price increases accelerated during the month.
Food inflation contributed notably to the annual trend, standing at 12.12 per cent year-on-year—a substantial drop from 26.98 per cent a year prior. Month-on-month, however, food prices surged by 4.69 per cent, up from a decline of 6.02 per cent in January. The NBS attributed this monthly increase primarily to higher average prices for staples like beans, carrots, cassava tuber, millet flour, yam flour, and cow peas.
Core inflation, which excludes volatile farm produce and energy, was recorded at 15.88 per cent year-on-year, down from 25.66 per cent in February 2023. On a monthly basis, core inflation rose to 0.89 per cent from -1.69 per cent. Sub-indices showed farm produce prices increased by 3.7 per cent month-on-month, while energy and services recorded declines of 0.2 per cent and 0.3 per cent, respectively. Goods and imported foods also saw price increases.
Regional disparities remained pronounced. On an annual basis, Kogi (23.57 per cent), Benue (22.85 per cent), and Anambra (22.09 per cent) reported the highest headline inflation, while Katsina (7.78 per cent), Imo (11.66 per cent), and Ebonyi (11.71 per cent) had the lowest. Monthly increases were led by Enugu (5.92 per cent), Ogun (4.39 per cent), and Anambra (4.11 per cent), with Zamfara (-2.14 per cent), Bauchi (-1.23 per cent), and Katsina (-1.06 per cent) experiencing declines.
For food inflation annually, Kogi (26.91 per cent), Adamawa (23.12 per cent), and Benue (21.89 per cent) were highest, while Katsina (5.09 per cent), Bauchi (7.09 per cent), and Imo (7.65 per cent) were lowest. Monthly food inflation peaks were in Bayelsa (8.81 per cent), Ebonyi (8.51 per cent), and Edo (7.72 per cent), with Katsina (-0.70 per cent), Nasarawa (0.17 per cent), and Kano (1.39 per cent) seeing decreases.
The Consumer Price Index (CPI) rose to 130.0 in February from 127.4 in January, a 2.6-point increase. The data underscores a gradual easing of inflationary pressure on an annual basis but highlights persistent monthly volatility, particularly in food prices. These trends suggest that while the year-on-year outlook is improving, short-term cost-of-living challenges remain acute for many Nigerian households.
