Olamilekan Abayomi
Nigeria’s headline inflation rate has dropped to 15.06% in February 2026, a slight decrease from 15.10% in January 2026. This marks a marginal decline of 0.04 percentage points, according to the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI), which measures average price changes of goods and services, rose to 130.0 in February, up from 127.4 in January. This indicates a 2.6-point increase within the month.
On a year-on-year basis, the headline inflation rate was 11.21 percentage points lower than the 26.27% recorded in February 2025. This shows a significant improvement in price stability compared to the previous year.
However, on a month-on-month basis, the headline inflation rate increased to 2.01%, which was 4.89 percentage points higher than the -2.88% recorded in January 2026. This means prices rose faster in February than in January.
Food inflation, a significant contributor to overall inflation, stood at 12.12% year-on-year, down from 26.98% in February 2025. Month-on-month, food inflation rose to 4.69%, reversing the -6.02% recorded in January 2026.
The increase in food inflation was driven by rising prices of staples like beans, carrots, and cassava tuber. Urban inflation was 15.53% year-on-year, while rural inflation stood at 13.93%.
The NBS attributes the moderation in inflation to slower price increases in staples and a decline in transportation costs. The Central Bank of Nigeria (CBN) had projected an average inflation rate of 12.94% for 2026.
Overall, Nigeria’s inflation trend shows mixed signals, with annual inflation easing slightly but monthly prices pressures strengthening.
