Nigeria’s headline inflation rate moderated marginally to 15.06 per cent in February 2026, down from 15.10 percent recorded in January 2026, according to the latest figures released by the National Bureau of Statistics (NBS).
The data show that while inflation slowed slightly on a year-on-year basis, price pressures increased on a month-on-month basis, suggesting that short-term cost pressures remain in the economy.
The NBS report indicated that the Consumer Price Index (CPI), which measures changes in the average prices of goods and services, rose to 130.0 in February, up from 127.4 in January 2026.
According to the report, the latest data reveal a mixed trend in inflation.
Headline inflation increased 2.01 per cent month-on-month in February, a sharp reversal from –2.88 per cent recorded in January 2026.
Urban inflation stood at 15.53 per cent year-on-year, compared with 28.49 per cent in February 2025, while rural inflation was 13.93 per cent year-on-year, down from 22.73 per cent during the same period last year.
However, on a monthly basis, both urban and rural areas experienced rising price pressures. Urban inflation climbed to 2.55 per cent month-on-month from –2.72 per cent in January, while rural inflation rose to 0.71 per cent, up from –3.29 per cent the previous month.
Food inflation also recorded a similar pattern of moderation annually but rising pressure in the short term.
The food inflation rate stood at 12.12 per cent year-on-year, significantly lower than 26.98 per cent recorded in February 2025.
However, on a month-on-month basis, food inflation surged to 4.69 per cent, reversing the –6.02 per cent decline recorded in January 2026.
The increase was driven by rising prices of several staple items including beans, carrots, okazi leaf, cassava tuber, crayfish, millet flour, yam flour, snails, ogbono (dried and unground), and cowpeas.
The twelve-month average food inflation rate for the period ending February 2026 stood at 19.08 per cent, compared with 37.40 per cent in February 2025.
Core inflation, which excludes volatile agricultural produce and energy prices, followed a similar pattern.
The rate stood at 15.88 per cent year-on-year, lower than the 25.66 per cent recorded in February 2025.
On a month-on-month basis, core inflation rose to 0.89 per cent, compared with –1.69 per cent in January 2026.
The twelve-month average core inflation rate declined to 22.00 per cent, down from 27.25 per cent recorded in February 2025.
