Nigeria’s headline inflation rate recorded a marginal decline to 15.06 percent in February 2026, according to the latest Consumer Price Index report released by the National Bureau of Statistics. The new data reflects a modest easing in annual inflation, though short-term price pressures continue to challenge households.

The statistics agency revealed that the February figure represents a slight drop of 0.04 percentage points compared to the 15.10 per cent recorded in January 2026. While the decrease signals a gradual slowdown in inflation on a year-on-year basis, the broader picture shows a more complex trend in the cost of living.

According to the report, the headline inflation rate for February 2026 was significantly lower than the corresponding period in 2025. The figure is 11.21 percentage points below the 26.27 per cent recorded in February last year, indicating a notable reduction in inflationary pressure over the past 12 months.

“This shows that the headline inflation rate on a year-on-year basis decreased in February 2026 compared with the same month in the preceding year,” the agency stated, pointing to signs of stabilization after a period of intense price increases.

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Despite the marginal drop in annual inflation, the report highlighted a contrasting rise in prices on a month-on-month basis. The headline inflation rate stood at 2.01 per cent in February 2026, marking a sharp increase of 4.89 percentage points from the -2.88 per cent recorded in January.

This surge indicates that the average price level rose more rapidly in February than in the previous month, suggesting that consumers are still experiencing immediate cost pressures despite improvements in yearly comparisons.

The National Bureau of Statistics emphasized that the increase reflects renewed momentum in price growth across several sectors of the economy. This pattern underscores the ongoing volatility in Nigeria’s inflation dynamics.

Food inflation, a key component affecting household spending, also showed mixed signals. On a year-on-year basis, food inflation dropped significantly to 12.12 per cent in February 2026. This represents a substantial decline of 14.86 percentage points from the 26.98 per cent recorded in February 2025.

The bureau noted that this reduction highlights a gradual easing of food price pressures over the past year. However, short-term trends tell a different story, as food prices surged on a monthly basis.

Food inflation rose sharply to 4.69 per cent in February 2026, an increase of 10.70 percentage points compared to the -6.02 per cent recorded in January. This indicates a rapid rise in the cost of staple food items within a short period.

According to the report, the increase was driven by higher prices of essential commodities such as beans, carrots, okazi leaves, cassava tubers, crayfish, millet flour, yam flour, snails, dried ogbono (apon), and cowpeas. These items form a significant part of daily consumption for many Nigerian households.

Further analysis by the National Bureau of Statistics showed that the average annual rate of food inflation for the 12 months ending February 2026 stood at 19.08 per cent. This marks a decline of 18.31 percentage points compared to the 37.40 per cent recorded in February 2025.

The bureau explained that the downward trend reflects easing price pressures over the long term, even as short-term fluctuations continue to impact affordability. Analysts say the data suggests that while inflation may be stabilizing, economic conditions remain sensitive to supply disruptions and market dynamics.

Overall, the February inflation report paints a mixed picture of Nigeria’s economy—one where annual indicators show improvement, but monthly trends reveal persistent challenges. As policymakers monitor the situation, attention will likely focus on sustaining the downward trajectory while addressing immediate price surges affecting consumers nationwide.