Nigeria’s annual inflation rate moderated to 15.06 per cent in February 2026, down from 15.10 per cent in the previous month, according to official data released on Monday. The figure from the National Bureau of Statistics (NBS) marks a slight easing in headline consumer price pressures.
The NBS’s Consumer Price Index report showed that on a month-on-month basis, inflation increased by 2.01 per cent in February. This monthly rise was higher than the negative 2.88 per cent recorded in January, indicating that the pace of price increases accelerated over the period despite the lower annual rate.
The overall trend masks a significant divergence within the inflation basket. Food inflation accelerated sharply to 12.12 per cent in February, up from 8.89 per cent in January. This surge in food prices, which carries substantial weight in Nigeria’s CPI, contributed to the higher monthly inflation reading.
The NBS clarified the monthly dynamics, stating that the February rate of increase in the average price level was higher than that of January. This contrasts with the annual comparison, where the 15.06 per cent figure represents a deceleration from the prior year’s level.
The reported headline inflation of 15.06 per cent was higher than the 14.07 per cent forecast by the Financial Derivatives Company (FDC) for the month, suggesting price pressures remain more persistent than some analysts anticipated.
The data presents a mixed picture for Nigeria’s inflation trajectory. While the annual rate has edged down, the accelerated monthly increase and soaring food inflation underscore ongoing challenges for household purchasing power and the central bank’s monetary policy stance. The persistence of elevated food prices, driven by supply-chain factors and seasonal dynamics, continues to be a primary driver of the overall cost-of-living crisis. Policymakers are thus faced with navigating a complex environment where headline trends may ease temporarily while underlying pressures, particularly in essential goods, remain robust.
