Nigeria’s inflation rate declines to 15.06% in February, marking twelfth consecutive drop as food prices remain elevated nationwide
The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities dropped by 0.04 per cent to 15.06 per cent in February compared to 15.10 per cent in January, the National Bureau of Statistics (NBS) disclosed Monday.
This represented 12 months of consecutive decline following an intensive monetary tightening campaign by the Central Bank of Nigeria (CBN), leading to a recent 50 basis points reduction in the benchmark interest rate to 26.5 per cent from 27 per cent.
Year-on-year, headline inflation reduced by 11.21 per cent compared to 26.27 per cent in February 2025.
Month-on-month, however, inflation increased to 2.01 per cent in February, a 4.89 per cent jump compared to -2.88 per cent in January, the NBS stated in its CPI report for the month under review.
Year-on-year, food inflation stood at 12.12 per cent compared to 26.98 per cent in February 2025.
However, on month-on-month, the food index rose by 10.70 per cent to 4.69 per cent compared to -6.02 per cent in January.
The NBS attributed the spike in food inflation to the rate of increase in average prices of beans, carrots, okazi leaf, cassava tuber, crayfish, millet flour, yam flour, snails, avenger (ogbono/apon) – dried ungrinded, and cow peas among others.
The “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 15.88 per cent, year-on-year in February, indicating 9.78 per cent decline compared to 25.66 per cent in February 2025.
Month-on-month, however, core inflation increased to 0.89 per cent compared to -1.69 per cent in January.
Also, year-on-year, urban inflation stood at 15.53 per cent compared to 28.49 per cent in February 2025.
Also, month-on-month, the urban index rose to 2.55 per cent in February compared to -2.72 per cent in January.
On the other hand, rural inflation stood at 13.93 per cent year-on-year compared to 22.73 per cent in February 2025.
Month-on-month, rural inflation increased to 0.71 per cent compared to -3.29 per cent in February.
At state level, year-on-year, headline inflation was highest in Kogi (23.57 per cent), Benue (22.85 per cent), and Anambra (22.09 per cent), while Katsina (7.78 per cent), Imo (11.66 per cent) and Ebonyi (11.71 per cent) lowest rise in prices.
Month-on-month, however, the highest price increases was in Enugu (5.92 per cent), Ogun (4.39.per cent) and Anambra (4.11.per cent), while Zamfara (-2.14 per cent), Bauchi (-1.23 per cent), and Katsina (-1.06 per cent) recorded a decline.
Year-on-year, food inflation was highest in Kogi (26.91.per cent), Adamawa (23.12 per cent), and Benue (21.89 per cent), while Katsina (5.09.per cent), Bauchi (7.09 per cent), and Imo (7.65 per cent) recorded the slowest rise.
However, month-on-month, the food index was highest in Bayelsa (8.81 per cent), Ebonyi (8.51 per cent) and Edo (7.72 per cent), while Katsina (-0.70 per cent), Nasarawa (0.17 per cent), and Kano (1.39 per cent) decline in the review period.