Nigeria’s headline inflation rate declined marginally to 15.06 per cent in February 2026 from 15.10 per cent in the previous month, according to the National Bureau of Statistics (NBS). The figure, released on Monday, represents a 0.04 percentage point reduction on a year-on-year basis, signaling a slight easing of price pressures.
The Consumer Price Index (CPI) report detailed that month-on-month inflation increased to 2.01 per cent in February from a negative 2.88 per cent in January, indicating a faster rise in average prices during the period. The NBS clarified that while the annual rate eased, the monthly pace of price growth accelerated compared to the prior month.
However, the broader trend was complicated by a notable surge in food inflation, which rose to 12.12 per cent in February from 8.89 per cent in January. This increase highlights persistent cost pressures within the essential goods sector, even as the overall headline measure improved slightly.
The modest decline aligns with a gradual deceleration observed over recent months but falls short of earlier private-sector projections. The Financial Derivatives Company (FDC) had forecast a more significant drop to 14.07 per cent for February, underscoring the volatility and uncertainty surrounding price dynamics.
Inflation remains a critical economic indicator for Nigeria, impacting household purchasing power, business planning, and monetary policy. The Central Bank of Nigeria (CBN) has maintained a restrictive monetary stance to anchor expectations and bring inflation toward its long-term target. The split between easing headline inflation and rising food prices suggests underlying supply-side challenges or seasonal factors influencing the food basket, which warrants close monitoring.
The NBS data provides a foundational metric for assessing economic stability. Analysts will scrutinize the components driving the monthly increase and the divergence between food and core inflation. The next CPI release will be pivotal in determining whether the slight annual decline marks the start of a sustained downward trend or a temporary fluctuation amid ongoing economic headwinds.
