Nigeria's Inflation Rate Declines to 15.06% in February 2026
The National Bureau of Statistics (NBS) has reported a further easing of Nigeria's inflation rate in February 2026, providing some economic relief amid ongoing challenges. According to the latest Consumer Price Index (CPI) report, the headline inflation rate dropped slightly to 15.06% from 15.10% recorded in January 2026.
Year-on-Year Comparison Shows Significant Improvement
On a year-on-year basis, the current inflation rate represents a substantial improvement of 11.21 percentage points compared to the 26.27% recorded in February 2025. This significant decline indicates progress in the government's efforts to stabilize prices and manage economic pressures.
However, month-on-month data reveals a different trend, with inflation standing at 2.01% in February, up from -2.88% in January. This indicates that while annual inflation is decreasing, prices rose at a faster pace in February compared to the previous month.
Urban and Rural Inflation Patterns
The NBS data shows distinct patterns between urban and rural areas:
- Urban inflation stood at 15.53% year-on-year, down from 28.49% in February 2025
- Rural inflation was 13.93%, compared with 22.73% in the same period last year
- Monthly urban inflation rose to 2.55% in February from 2.72% in January
- Monthly rural inflation eased to 0.71% from -3.29%
Food Inflation Shows Notable Decline
Food inflation, a critical component of household expenses, dropped significantly to 12.12% year-on-year in February, down sharply from 26.98% in February 2025. The NBS attributed this moderation to slower price increases in key staples including:
- Beans
- Cassava tuber
- Yam flour
- Crayfish
- Millet flour
- Cowpeas
- Okazi leaf
Monthly food prices rose by 4.69%, higher than the -6.02% recorded in January. The twelve-month average for food inflation was 19.08%, compared with 37.40% in February 2025.
State-by-State Analysis of Inflation Rates
The NBS report provides detailed breakdowns of inflation rates across Nigerian states, revealing significant regional variations.
All-Items Inflation by State
States with the highest all-items inflation rates:
- Kogi (23.57%)
- Benue (22.85%)
- Anambra (22.09%)
States with the lowest all-items inflation rates:
- Katsina (7.78%)
- Imo (11.66%)
- Ebonyi (11.71%)
On a month-on-month basis, the highest increases were recorded in Enugu (5.92%), Ogun (4.39%), and Anambra (4.11%), while declines were seen in Zamfara (-2.14%), Bauchi (-1.23%), and Katsina (-1.06%).
Food Inflation by State
States with the highest food inflation rates:
- Kogi (26.91%)
- Adamawa (23.12%)
- Benue (21.89%)
States with the lowest food inflation rates:
- Katsina (5.09%)
- Bauchi (7.09%)
- Imo (7.65%)
Monthly Food Inflation Changes
The states with the highest month-on-month increases in food inflation were:
- Bayelsa (8.81%)
- Ebonyi (8.51%)
- Edo (7.72%)
States that recorded declines in monthly food inflation included:
- Katsina (-0.70%)
- Nasarawa (0.17%)
- Kano (1.39%)
Contextual Factors Affecting Food Prices
It is important to note that these figures come during the Ramadan fasting season, when food prices typically experience upward pressure due to increased demand. Reports indicate that traders in several states, including Abuja, Taraba, and Kaduna, have taken advantage of the season to hike prices of key food items such as rice, beans, maize, and groundnuts.
The NBS data provides crucial insights into Nigeria's economic trajectory, showing both progress in reducing annual inflation and ongoing challenges in managing monthly price fluctuations. The significant regional variations highlight the complex nature of Nigeria's economic landscape and the need for targeted interventions in high-inflation states.
