Nigeria’s inflation rate showed a slight easing in February 2026, falling to 15.06 percent, according to the National Bureau of Statistics (NBS). The figure marks a marginal decline of 0.04 percentage points from 15.10 percent in January, signaling a gradual moderation in price pressures across the country.
While the month-on-month increase indicates that prices are still rising, the year-on-year drop is significant, highlighting notable progress in controlling inflation over the past 12 months. February 2026’s headline inflation was down 11.21 percentage points from 26.27 percent in February 2025.
Consumer Price Index and monthly trends
The Consumer Price Index (CPI) rose to 130.0 in February from 127.4 in January, reflecting a 2.6-point increase over the month. Monthly inflation also remained positive at 2.01 percent, slightly below January’s 2.88 percent, showing that prices continue to rise even as yearly inflation slows.
Food remains the main driver
Food prices continued to be the largest contributor to inflation, accounting for 6.03 percentage points of the headline figure. The NBS cited sharp monthly increases in staples such as beans, carrots, okazi leaf, cassava tuber, crayfish, millet flour, yam flour, snails, and dried ogbono.
Despite the monthly surge, food inflation fell significantly on a yearly basis, standing at 12.12 percent in February 2026 compared with 26.98 percent in February 2025.
Other sectors contributing to inflation included restaurants and accommodation services, transport, and housing-related costs, including electricity, water, and gas.
Urban vs rural inflation
Urban inflation was slightly higher than rural inflation. On a yearly basis, urban inflation dropped to 15.53 percent from 28.49 percent in February 2025, while rural inflation fell to 13.93 percent from 22.73 percent the previous year. Monthly increases were observed in both areas, with urban inflation at 2.55 percent and rural inflation at 0.71 percent for February.
Core inflation trends
Excluding volatile food and energy prices, core inflation also showed a significant year-on-year decline, falling to 15.88 percent in February 2026 from 25.66 percent in February 2025. Month-on-month, however, core inflation rose 0.89 percent, reversing January’s 1.69 percent decline, reflecting gradual price pressures in non-food sectors.
Central Bank focus
Policymakers at the Central Bank of Nigeria (CBN) are closely monitoring these trends as they continue efforts to stabilize prices while supporting economic growth. Analysts note that while the slight month-on-month increase in prices is concerning, the steep year-on-year drop reflects the effectiveness of monetary measures and a gradual moderation in inflationary pressures.
This nuanced picture indicates that Nigerians continue to feel rising costs for food and essentials, even as broader price growth slows, highlighting ongoing challenges in balancing price stability with economic recovery.
Source: Africa Publicity
