Nigeria’s headline inflation rate edged down to 15.06 per cent in February 2026, extending a gradual easing of price pressures despite a renewed pickup in monthly costs.
Figures released on Monday by the National Bureau of Statistics (NBS) showed the rate dipped by 0.04 percentage points from the 15.10 per cent recorded in January.
While modest, the movement points to continued moderation that policymakers at the Central Bank of Nigeria (CBN) are expected to scrutinise as they steer monetary policy.
The data showed the Consumer Price Index (CPI) rose to 130.0 in February, up from 127.4 in January, indicating a 2.6-point increase within the month.
On a year-on-year basis, headline inflation fell sharply to 15.06 per cent from 26.27 per cent in February 2025, a decline of 11.21 percentage points.
However, inflation accelerated on a month-on-month basis and prices rose by 2.01 per cent in February, reversing the 2.88 per cent contraction recorded in January.
Food prices remained the dominant driver when its inflation stood at 12.12 per cent year-on-year in February 2026, down from 26.98 per cent a year earlier.
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Month-on-month, however, food inflation climbed to 4.69 per cent from a negative 6.02 per cent in January.
According to the statistics agency, the increase reflected higher average prices for staples including beans, carrots, cassava tuber, crayfish, millet flour, yam flour, cowpeas, snails and dried ogbono.
The average annual food inflation rate for the 12 months to February 2026 was 19.08 per cent, down from 37.40 per cent recorded in the corresponding period a year earlier.
Urban inflation slowed to 15.53 per cent year-on-year in February, compared with 28.49 per cent in February 2025.
On a monthly basis, urban prices rose by 2.55 per cent, up from a 2.72 per cent decline in January, while the 12-month average urban inflation rate stood at 21.25 per cent.
In rural areas, inflation eased to 13.93 per cent year-on-year from 22.73 per cent a year earlier as month-on-month rural inflation increased by 0.71 per cent, following a 3.29 per cent fall in January.
The 12-month average rural inflation rate was 20.28 per cent, higher than the 16.47 per cent recorded in February 2025.