Nigeria’s Inflation Rate Drops to 15.06% in February 2026 as Price Pressures Ease
Nigeria’s headline inflation rate moderated slightly to 15.06 percent in February 2026, a marginal decline from 15.10 percent recorded in January 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The data shows that while inflation remains elevated, the pace of annual price growth slowed modestly during the month under review.
According to the report, the Consumer Price Index rose to 130.0 points in February 2026, representing an increase of 2.6 points from 127.4 recorded in January 2026.
This indicates continued upward pressure in consumer prices despite the slight easing in the annual inflation rate.
Inflation Drops Sharply From 2025 Levels
On a year-on-year basis, Nigeria’s inflation rate recorded a significant decline compared with the same period last year.
The February 2026 inflation figure is 11.21 percentage points lower than the 26.27 percent recorded in February 2025, reflecting a substantial moderation in price pressures over the past 12 months.
However, the month-to-month trend indicates that prices continue to rise.
The CPI report showed that monthly inflation increased to 2.01 percent in February, compared with -2.88 percent recorded in January. This suggests that the rate of price increases accelerated during the month.
Food Prices Remain Major Inflation Driver
Food inflation remained a key contributor to the overall inflation index.
According to the NBS report, food inflation stood at 12.12 percent year-on-year in February 2026, significantly lower than 26.98 percent recorded in February 2025.
Despite the decline in annual terms, the monthly movement indicates rising pressure in food prices.
Food inflation rose 4.69 percent month-on-month, compared with -6.02 percent recorded in January, largely driven by increases in the prices of key food commodities such as:
The report also shows that the average annual food inflation rate for the 12 months ending February 2026 was 19.08 percent, which represents a sharp decline from 37.40 percent recorded in the corresponding period of 2025.
Core Inflation Moderates
Core inflation, which excludes volatile agricultural products and energy prices, stood at 15.88 percent year-on-year in February 2026, down from 25.66 percent recorded in February 2025.
On a monthly basis, core inflation increased 0.89 percent in February, compared with -1.69 percent recorded in January, indicating renewed price pressure in non-food goods and services.
The 12-month average core inflation rate declined to 22.00 percent, compared with 27.25 percent recorded during the same period in 2025.
Urban Inflation Higher Than Rural Inflation
The inflation report also revealed differences in price movements between urban and rural areas.
Urban inflation stood at 15.53 percent year-on-year, while rural inflation was slightly lower at 13.93 percent.
On a month-on-month basis:
The data suggests that price pressures remain more intense in Nigeria’s urban centres, where higher demand and operating costs tend to push prices upward.
States With Highest Inflation
The report shows significant variations in inflation across Nigeria’s states.
States with the highest year-on-year inflation include:
Kogi – 23.57%
Benue – 22.85%
Anambra – 22.09%
Meanwhile, states with the lowest inflation include:
Katsina – 7.78%
Imo – 11.66%
Ebonyi – 11.71%
Outlook for Inflation
The moderation in Nigeria’s headline inflation rate suggests that price pressures may be gradually easing following the sharp inflation surge recorded in 2024 and early 2025.
However, analysts note that the rebound in monthly inflation signals that consumer prices remain sensitive to factors such as:
Food supply fluctuations
Transportation costs
Exchange rate movements
Energy prices
With inflation still above the Central Bank of Nigeria’s preferred target range, policymakers are expected to maintain tight monetary conditions while monitoring developments in food supply and energy markets.
For households and businesses, the latest inflation data highlights the continued challenge of managing rising living costs despite the gradual easing in annual inflation trends.
