By Favour Pius
Nigeria’s headline inflation rate moderated slightly to 15.06 per cent in February 2026, offering a marginal relief to households and businesses amid persistent pressure on food prices and cost of living.
Latest data released by the National Bureau of Statistics (NBS) showed that the consumer price index (CPI), which measures the rate of increase in prices of goods and services, recorded a modest decline compared to the previous month.
The easing in inflation reflects a gradual slowdown in price increases across key segments of the economy, although analysts say underlying cost pressures remain significant.
On a year-on-year basis, the NBS said the inflation rate indicates a softening in the pace of price increases, driven largely by relative stability in some food items and base effects from the corresponding period last year.
However, food inflation, which constitutes a major component of the inflation basket, remained elevated, reflecting continued challenges in food supply, transportation and storage.
Analysts noted that while the marginal decline may signal early signs of stabilisation, inflationary pressures persist due to structural factors such as high energy costs, exchange rate volatility and logistics constraints.
The development comes amid ongoing monetary tightening by the Central Bank of Nigeria (CBN), which has maintained a hawkish stance in recent months in a bid to rein in inflation and stabilise the naira.
Economic experts say the slight moderation in inflation could provide some breathing space for policymakers, but warned that sustained decline would depend on improvements in food production, energy supply and foreign exchange stability.
“The easing is marginal and does not yet translate to significant relief for consumers, as prices of essential goods remain high,” a Lagos-based economist said.
Businesses, particularly small and medium-scale enterprises, continue to grapple with rising input costs, which are often passed on to consumers, thereby sustaining inflationary pressures within the economy.
The NBS data also suggests that core inflation, which excludes volatile agricultural produce, remains relatively high, indicating that broader price pressures across goods and services are yet to fully ease.
Analysts further noted that exchange rate movements and fuel costs will remain key drivers of inflation trends in the coming months.
While the February figure may signal a slight shift in momentum, stakeholders say more coordinated fiscal and monetary measures will be required to achieve a sustained decline in inflation and restore price stability.
For households, the marginal drop offers little immediate relief, as the cost of food, transportation and basic services continues to weigh heavily on disposable income.
