Nigeria’s inflation rate recorded a marginal slowdown in February 2026, even as monthly price pressures accelerated, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The CPI rose to 130.0 points in February 2026, representing a 2.6-point increase from 127.4 recorded in January, reflecting a continued rise in the overall price level across the economy.
However, on a year-on-year basis, the headline inflation rate eased slightly to 15.06% in February, down from 15.10% recorded in January 2026. The modest decline suggests that the pace of price increases compared with the same period last year slowed marginally.
Despite the annual slowdown, month-on-month inflation accelerated significantly, pointing to renewed short-term price pressure.
The month-on-month headline inflation rate rose to 2.01% in February, compared with –2.88% recorded in January. According to the statistics agency, this represents a 4.89 percentage-point increase, meaning that average prices increased faster in February than they did in the previous month.
Economists typically interpret rising month-on-month inflation as a sign that underlying cost pressures are building, even when the annual inflation rate appears stable or slightly declining.
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The CPI is the benchmark indicator used by policymakers and investors to measure changes in the average price of goods and services consumed by households.
BuyerMetrics Bottom Line
The slight drop in Nigeria’s annual inflation rate may offer temporary relief for policymakers, but the sharp rebound in month-to-month price increases suggests that inflationary pressure remains embedded in the economy.
For investors and businesses, the data indicates that consumer purchasing power and operating costs are likely to remain volatile in the near term, reinforcing the importance of pricing flexibility and cost-management strategies.
