Nigeria’s headline inflation rate eased slightly to 15.06 percent in February 2026, according to new data released by the National Bureau of Statistics (NBS).
The latest figure represents a marginal decline of 0.04 percentage points from the 15.10 percent recorded in January, suggesting a gradual moderation in price pressures across the country. Although the drop is modest, the trend is expected to be closely watched by policymakers at the Central Bank of Nigeria (CBN) as they continue efforts to maintain price stability.
The report also showed that the Consumer Price Index (CPI) rose to 130.0 in February, up from 127.4 in January, representing a 2.6-point increase within the month.
On a year-on-year basis, however, inflation fell significantly. Headline inflation dropped to 15.06 percent in February 2026, compared with 26.27 percent in February 2025, marking a decline of 11.21 percentage points over the period.
Despite the yearly decline, prices continued to rise within the month. The inflation rate stood at 2.01 percent in February, compared with 2.88 percent recorded in January, indicating that the general price level still increased during the month under review.
The NBS said food prices remained the largest contributor to inflation during the period. Food and non-alcoholic beverages accounted for 6.03 percentage points of the headline index, followed by increases in restaurants and accommodation services, transport, and housing-related costs including electricity, water and gas.
Urban inflation remained slightly higher than rural inflation. On a year-on-year basis, urban inflation stood at 15.53 percent in February 2026, significantly lower than 28.49 percent recorded in February 2025. On a monthly basis, however, the urban inflation rate rose to 2.55 percent.
Rural inflation also declined on a yearly basis but increased slightly compared with the previous month. The NBS reported that rural inflation stood at 13.93 percent year-on-year in February 2026, compared with 22.73 percent in February 2025, while the monthly rate rose to 0.71 percent.
Food inflation, which represents a large share of household expenditure in Nigeria, also recorded a major decline on a yearly basis. According to the NBS, the food inflation rate stood at 12.12 percent year-on-year in February 2026, compared with 26.98 percent recorded during the same period in 2025.
However, food prices rose sharply during the month. The statistics office said: “On a month-on-month basis, the food inflation rate in February 2026 was 4.69 percent, up by 10.70 percent compared to January 2026 (-6.02 percent).”
The increase was attributed to rising prices of several food items, including beans, carrots, okazi leaf, cassava tuber, crayfish, millet flour, yam flour, snails and dried ogbono.
Meanwhile, core inflation, which excludes volatile agricultural produce and energy prices, also declined on a yearly basis. The report showed that core inflation stood at 15.88 percent year-on-year in February 2026, compared with 25.66 percent recorded in February 2025. On a month-on-month basis, however, the core inflation rate increased to 0.89 percent, reversing the 1.69 percent decline recorded in January.
