Nigeria’s headline inflation rate moderated slightly in February 2026, offering limited relief to households, even as new data reveal renewed short-term price pressures across key sectors of the economy.
The National Bureau of Statistics (NBS) disclosed in its latest Consumer Price Index (CPI) report released on Monday that inflation edged down to 15.06 percent in February from 15.10 percent in January, representing a marginal decline of 0.04 percentage points.
According to the bureau, inflation fell significantly compared with the same period in 2025, indicating a slowdown in annual price growth after last year’s severe spikes.
“On a year-on-year basis, the Headline inflation rate was 11.21 per cent lower than the rate recorded in February 2025 (26.27 per cent),” the NBS stated.
Analysts say the drop suggests that Nigeria may be gradually moving away from the peak inflation crisis experienced in 2025.
Despite the annual improvement, the report highlights a worrying rebound in monthly inflation. The NBS said prices rose by 2.01 percent in February, a sharp turnaround from the –2.88 percent recorded in January.
The agency explained that this indicates a much faster pace of price increases in February, pointing to renewed cost pressures for consumers.
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Further data show the CPI rose to 130.0 in February from 127.4 in January, a 2.6-point increase within a single month, underscoring the continued rise in the cost of living.
The twelve-month average inflation rate ending February 2026 stood at 21.03 percent, up from 18.01 percent in February 2025. Economists say this reflects persistently high price levels despite the recent moderation in headline figures.
Economic analysts describe the data as presenting a mixed outlook. While the year-on-year decline points to stabilization, the surge in monthly inflation highlights ongoing structural challenges.
Experts attribute renewed price pressures largely to rising costs in essential sectors such as food, transportation, and energy—categories that dominate household spending.
They warn that the shift from deflation in January to inflation in February reveals underlying vulnerabilities, including exchange-rate volatility, elevated logistics costs, and frequent fuel price adjustments.
According to economists, persistent increases in consumer prices could continue to erode purchasing power, particularly for low- and middle-income households already struggling with high living costs.
Monetary policy specialists also caution that the trend could complicate decisions for fiscal and monetary authorities, who must balance inflation control with the need to sustain economic growth.
Analysts expect inflation to remain highly sensitive to movements in fuel prices, foreign exchange rates, and food supply conditions in the coming months.
While the latest figures suggest some improvement compared with the previous year, experts emphasize that lasting relief will depend on structural reforms—especially improvements in energy supply, agricultural productivity, and currency stability.