Nigerians are grappling with rising living costs as food prices surged in February 2026, coinciding with escalating fuel and energy costs, according to the latest data from the National Bureau of Statistics (NBS).
The announcement comes as President Bola Ahmed Tinubu begins a state visit to the United Kingdom at the invitation of King Charles III.
The NBS Consumer Price Index and Inflation report released on Monday showed food inflation rising to 12.12 percent in February 2026, up from 8.89 percent in January.
The bureau attributed the increase to higher prices of staples, including beans, carrots, okazi leaves, cassava tubers, crayfish, millet flour, yam flour, snails, dried ogbono, and cowpeas.
While overall headline inflation declined marginally to 15.06 percent from 15.10 percent in January, monthly price increases indicate faster rising costs. The month-on-month inflation rate stood at 2.01 percent in February, compared to -2.88 percent in January, highlighting short-term price pressures.
The rise in food costs coincides with skyrocketing fuel prices following the Iran-United States-Israel war escalation on February 28, 2026. Petrol prices now range between N1,261 and N1,330 per litre at various filling stations nationwide.
The surge follows Dangote Refinery’s fourth gantry price hike to N1,175 per litre, prompting retail increases of N100 per litre by MRS and N50 per litre by Optima stations in Abuja.
The fuel price spike has driven up transportation fares, placing additional strain on households and businesses across the country.
Economist Ayo Teriba, Chief Executive of Economic Associates, noted that the February spike in food prices may reflect seasonal factors rather than sustained inflationary trends.
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He explained that after the relative slowdown in January, economic activity typically increases in February, leading to temporary price adjustments.
Teriba also cautioned against drawing premature conclusions from fluctuating food prices, noting that the NBS had previously revised inflation data, adding uncertainty to the figures. “It’s too soon to conclude whether this marks the start of a new inflationary trend or is merely short-term volatility,” he said.
Professor Godwin Oyedokun, a specialist in accounting and finance, warned that the slight decline in headline inflation offers minimal relief for Nigerians. He emphasized that rising food inflation directly affects household purchasing power, particularly for low- and middle-income earners.
“The increase in food prices erodes purchasing power and deepens poverty, especially when food accounts for the largest share of household expenditure,” Oyedokun said.
He attributed rising costs to structural challenges in the agricultural sector, including high energy expenses, insecurity in farming regions, logistical inefficiencies, and post-harvest losses.
These factors, he explained, contribute to cost-push inflation, where rising production costs are passed on to consumers.
Focus on real welfare indicators, such as household purchasing power and food accessibility, rather than solely on headline inflation figures.
“While the technical decline in overall inflation may signal stability, the rising cost of food underscores persistent hardship and highlights the urgent need for coordinated fiscal, monetary, and structural reforms,” he said.
With Nigerians facing both soaring food and fuel costs, households continue to feel the squeeze as the cost of living pressures mount.