Inflation eases slightly to 15.06% in February as food prices moderate

Nigeria’s inflation rate recorded a marginal decline in February 2026, easing to 15.06 per cent from 15.10 per cent in January, according to the latest data released by the National Bureau of Statistics (NBS).

The data also showed that food inflation fell sharply year-on-year, signalling some relief in the prices of essential food items despite lingering pressure in the broader economy.

In its Consumer Price Index (CPI) report for February, the statistics agency noted that headline inflation dropped slightly by 0.04 percentage points compared with the previous month.

However, on a year-on-year basis, the inflation rate was significantly lower than the 26.27 per cent recorded in February 2025, representing a decline of 11.21 percentage points.

“This shows that the headline inflation rate (year-on-year basis) decreased in February 2026 compared to the same month in the preceding year (i.e., February 2025),” the bureau stated.

Despite the slight easing, month-on-month data showed that consumer prices rose faster in February than in January.

“On a month-on-month basis, the headline inflation rate in February 2026 was 2.01 per cent, which was **4.89 per cent higher than the rate recorded in January 2026 (-2.88 per cent). This means that in February 2026, the rate of increase in the average price level was higher than the rate of increase in the average price level in January,” the NBS explained.

Urban, rural inflation trends

The report also highlighted differing inflation patterns between urban and rural areas.

In urban centres, the year-on-year inflation rate stood at 15.53 per cent in February 2026, representing a 12.96 percentage point drop from the 28.49 per cent recorded in February 2025.

However, urban inflation accelerated on a monthly basis. It rose to 2.55 per cent in February, which was 5.27 percentage points higher than January’s rate of -2.72 per cent.

“The corresponding twelve-month average for the urban inflation rate was 21.25 per cent in February 2026. This was 1.81 percentage points higher compared to the 19.44 per cent reported in February 2025,” the NBS noted.

Rural inflation also moderated significantly on a year-on-year basis.

According to the statistics agency, rural inflation was 13.93 per cent in February 2026, which was 8.80 percentage points lower than the 22.73 per cent recorded in February 2025.

On a month-on-month basis, however, rural inflation edged up to 0.71 per cent, an increase of 4.00 percentage points compared to January’s -3.29 per cent.

“The corresponding twelve-month average for the rural inflation rate in February 2026 was 20.28 per cent, which was 3.80 percentage points higher than the 16.47 per cent recorded in February 2025,” the report added.

Food inflation shows major year-on-year drop

Food inflation — a key driver of overall consumer prices — also recorded a notable decline on a yearly basis.

The NBS said food inflation stood at 12.12 per cent year-on-year in February 2026, representing a sharp 14.86 percentage point decline from the 26.98 per cent recorded in February 2025.

However, the month-on-month data painted a different picture. Food prices rose significantly during the month, with inflation reaching 4.69 per cent, which was 10.70 percentage points higher than the -6.02 per cent recorded in January.

According to the agency, the increase in the February CPI was largely driven by rising prices of key food items across the country.

The report stated that the uptick was linked to the increasing cost of beans, carrots, okazi leaves, cassava tubers, crayfish, millet flour, yam flour, snails, dried ogbono (apon), and cowpeas, among others.

Annual food inflation slows

Further analysis of food price trends showed a sharp moderation in the average annual rate of food inflation.

The NBS disclosed that the average annual rate of food inflation for the twelve months ending February 2026 stood at 19.08 per cent.

This represented a significant improvement compared to the 37.40 per cent recorded in February 2025, marking a decline of 18.31 percentage points.

The latest inflation figures suggest that while consumer prices remain elevated, the pace of increase is gradually moderating compared to the sharp spikes recorded in the previous year.

Economists say the trajectory of inflation in the coming months will depend largely on factors such as food supply conditions, exchange rate stability, transportation costs and energy prices, all of which continue to influence Nigeria’s price dynamics.