KEY POINTS

• Nigeria’s inflation rate dipped slightly to 15.06% in February 2026 from 15.1% in January.
• Year-on-year inflation dropped significantly compared to 26.27% recorded in February 2025.
• Despite the decline, monthly and annual average price increases indicate persistent inflationary pressure.

Nigeria’s inflation rate recorded a slight decline in February 2026, dropping to 15.06 percent from 15.1 percent in January, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The report, published on Monday, indicates a marginal month-on-month decrease of 0.04 percent in headline inflation, reflecting a modest easing in the rate at which prices of goods and services are rising.

On a year-on-year basis, however, the data reveals a more notable improvement. The inflation rate for February 2026 is 11.21 percentage points lower than the 26.27 percent recorded in February 2025, suggesting a significant reduction in overall inflationary pressures compared to the same period last year.

Despite the slight monthly decline, the NBS noted that inflationary pressures picked up when viewed from a different perspective. The month-on-month inflation rate for February stood at 2.01 percent, representing a sharp increase of 4.89 percentage points compared to the -2.88 percent recorded in January

This indicates that the pace at which prices increased in February was faster than in the previous month.

Average CPI for 12 Months Ends at 21.03%

Furthermore, the bureau reported that the average CPI for the 12 months ending February 2026 rose by 21.03 percent compared to the preceding 12-month period.

This marks a 3.02 percentage point increase from the 18.01 percent recorded in February 2025, highlighting a sustained upward trend in average consumer prices over time.

Overall, while headline inflation shows signs of gradual easing, underlying price pressures remain evident in the broader economic landscape.