Nigeria’s inflation rate recorded a slight decline in February, dropping from 15.1 percent in January to 15.06 percent, according to the National Bureau of Statistics.
The figures were contained in the Consumer Price Index report for February released by the National Bureau of Statistics on Monday, March 16.
The agency explained that the CPI, which tracks changes in the prices of goods and services, fell by 0.04 percent on a month-on-month basis when compared with the headline inflation figure recorded in January 2026.
Providing further insight into the trend, the National Bureau of Statistics stated that inflation was also significantly lower than the figure recorded during the same period last year.
“On a year-on-year basis, the Headline inflation rate was 11.21% lower than the rate recorded in February 2025 (26.27%),” the National Bureau of Statistics said.
READ ALSO: NBS: Nigeria’s January Inflation Drops To 15.1%
“This shows that the Headline inflation rate (year-on-year basis) decreased in February 2026 compared to the same month in the preceding year (i.e., February 2025),” the agency added.
However, the bureau noted that the pace of price increases on a monthly basis rose during the period under review.
“On a month-on-month basis, the Headline inflation rate in February 2026 was 2.01%, which was 4.89% higher than the rate recorded in January 2026 (-2.88%),” the NBS said.
“This means that in February 2026, the rate of increase in the average price level was higher than the rate of increase in the average price level in January 2026,” the agency explained.
The statistics office also reported that the percentage change in the average Consumer Price Index for the twelve months ending in February 2026 rose to 21.03 percent.
According to the National Bureau of Statistics, this represents a 3.02 percent increase when compared with the 18.01 percent recorded in February 2025.