Latest data shows yearly inflation slowing sharply, though monthly price pressures picked up across several sectors…..
Nigeria’s headline inflation rate declined marginally to 15.06 per cent in February 2026, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The new figure represents a slight drop from 15.10 per cent recorded in January 2026, indicating a modest slowdown in the pace at which prices are rising across the economy.
According to the statistics agency, the Consumer Price Index (CPI) rose to 130.0 points in February, up from 127.4 points in January, reflecting a 2.6-point increase within the month.
The CPI tracks the average change over time in the prices paid by households for a basket of goods and services, making it one of the most important indicators of inflation trends in the country.
Inflation falls sharply on yearly basis
The report also highlighted a significant improvement compared with the same period last year.
The National Bureau of Statistics noted that February’s headline inflation rate was 11.21 percentage points lower than the 26.27 per cent recorded in February 2025.
This suggests that while prices are still increasing, the overall inflation trend has slowed considerably over the past year.
However, on a month-on-month basis, inflation accelerated. The NBS reported that the monthly inflation rate stood at 2.01 per cent in February, compared with a 2.88 per cent decline recorded in January.
According to the bureau, this indicates that prices rose faster in February than they did in January, despite the improvement in the annual inflation figure.
Food remains the biggest inflation driver
Food prices continued to account for the largest share of inflation during the month under review.
The report showed that food and non-alcoholic beverages contributed 6.03 percentage points to the overall headline inflation rate.
Other major contributors included:
- Restaurants and accommodation services – 1.95 percentage points
- Transport – 1.61 percentage points
- Housing, water, electricity, gas and other fuels – 1.27 percentage points
- Education services – 0.93 percentage points
These categories collectively accounted for a large portion of the overall increase in consumer prices.
Urban inflation higher than rural levels
The data also revealed differences in price movements between urban and rural areas.
Urban inflation stood at 15.53 per cent year-on-year in February 2026, a sharp drop from 28.49 per cent recorded in February 2025.
On a monthly basis, however, urban inflation rose to 2.55 per cent, compared with a 2.72 per cent decline recorded in January.
Rural inflation followed a similar pattern. On a yearly basis, it slowed to 13.93 per cent in February, down from 22.73 per cent a year earlier.
But month-on-month, rural inflation increased to 0.71 per cent, reversing the 3.29 per cent decline recorded in January.
Food inflation moderates yearly but jumps monthly
Food inflation a major concern for households also declined sharply on an annual basis.
The report showed that food inflation stood at 12.12 per cent year-on-year in February 2026, compared with 26.98 per cent recorded in February 2025.
However, food prices surged during the month.
On a month-on-month basis, food inflation rose to 4.69 per cent in February, a significant jump from the –6.02 per cent recorded in January.
The National Bureau of Statistics attributed the monthly rise in food prices to increases in the average cost of several food items including beans, carrots, okazi leaves, cassava tubers, crayfish, millet flour, yam flour, snails, and dried ogbono.
Core inflation also declines annually
Core inflation, which excludes volatile agricultural products and energy prices, also recorded a notable decline on a yearly basis.
The report showed that core inflation stood at 15.88 per cent year-on-year in February 2026, compared with 25.66 per cent in February 2025.
On a monthly basis, however, the rate increased to 0.89 per cent, reversing the 1.69 per cent decline recorded in January.
Meanwhile, the 12-month average inflation rate for the period ending February 2026 rose to 21.03 per cent, compared with 18.01 per cent recorded in the same period in 2025.
Wide variations across states
The report also revealed significant differences in inflation levels across Nigerian states.
On a year-on-year basis, the states with the highest inflation rates were:
- Kogi State – 23.57%
- Benue State – 22.85%
- Anambra State – 22.09%
Meanwhile, the lowest inflation rates were recorded in:
- Katsina State – 7.78%
- Imo State – 11.66%
- Ebonyi State – 11.71%
On a month-on-month basis, Enugu State recorded the sharpest increase at 5.92 per cent, followed by Ogun State at 4.39 per cent and Anambra State at 4.11 per cent.
Conversely, the largest monthly declines were recorded in:
- Zamfara State – –2.14%
- Bauchi State – –1.23%
- Katsina State – –1.06%
For food inflation specifically, Kogi State recorded the highest year-on-year rate at 26.91 per cent, followed by Adamawa State at 23.12 per cent and Benue State at 21.89 per cent.
The lowest food inflation rates were seen in:
- Katsina State – 5.09%
- Bauchi State – 7.09%
- Imo State – 7.65%
The National Bureau of Statistics noted that inflation comparisons across states should be interpreted cautiously because consumption patterns and weighting structures used in calculating the CPI vary across different locations.
