Energy, farm produce costs eased February inflation to 15.06%

Following in the crash of farm produce to 3.7 per cent in February 2026 from 5.10 per cent in January 2026 and energy cost decline to 0.26 per cent in February  from the 3.13 per cent recorded in January, the headline inflation eased to 15.06 per cent in February 2026 from 15.10 per cent recorded in January 2026.

This was contained in the Consumer Price Index (CPI) report of February 2026, the National Bureau of Statistics (NBS) issued yesterday.

The report said, “In February 2026, the Headline inflation rate eased to 15.06%, down from 15.10% in January 2026.”

NBS added that the CPI increased to 130.0 in February 2026, reflecting a 2.6-point increase from the preceding month (127.4).

According to the report, looking at the movement, the February 2026 Headline inflation rate showed a decrease of 0.04per cent compared to the January 2026 Headline inflation rate.

On a year-on-year basis, said NBS, the Headline inflation rate was 11.21 per cent lower than the rate recorded in February 2025 (26.27 per cent).

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 report further said on a month-on-month basis, the Headline inflation rate in February 2026 was 2.01 per cent, which was 4.89 per cent higher than the rate recorded in January 2026 (-2.88 per cent).

It explained 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.

On food inflation, NBS said the rate in February 2026 was 12.12 per cent on a year-on-year basis, noting  it was 14.86 per cent points lower compared to the rate recorded in February 2025 (26.98 per cent).

It however added that on a month-on-month basis, the Food inflation rate in February 2026 was 4.69 per cent, up by 10.70 per cent compared to January 2026 (-6.02 per cent).

The report attributed the rise to the rate of increase in the average prices of Beans, Carrots, Okazi Leaf, Cassava Tuber, Crayfish, Millet Flour, Yam Flour, Snails, Avenger (Ogbono/Apon) – dried ungrounded, cow peas, etc.

NBS also said the average annual rate of food inflation for the twelve months ending February 2026 over the previous twelve-month average was 19.08 per cent, which was 18.31per cent points lower compared with the average annual rate of change recorded in February 2025 (37.40 per cent).

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The report also said urban inflation urban inflation rate was 15.53 per cent on year-on-year basis in the month under review. According to NBS, the record represented  a 12.96 per cent points lower compared to the 28.49 per cent recorded in February 2025.

It also said on a month-on-month basis, the Urban inflation rate was 2.55 per cent in February 2026, up by 5.27.per cent compared to January 2026 (-2.72 per cent).

On rural inflation, the report said the rate in February 2026 was 13.93 per cent on a year-on-year basis.

This was 8.80 per cent points lower compared to the 22.73 per cent recorded in February 2025.

 On a month-on-month basis, according to NBS, the Rural inflation rate in February 2026 was 0.71 per cent, up by 4.00 per cent compared to January 2026 (-3.29 per cent).

 The corresponding twelve-month average for the Rural inflation rate in February 2026 was 20.28 per cent.

This was 3.80 per cent points higher compared to the 16.47 per cent recorded in February 2025.

On State by state analysis, NBS said in February 2026, the All-Items inflation rate on a Year-on-Year basis 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) recorded the lowest rise in Headline inflation on a Year-on-Year basis.

 On a Month-on-Month basis, however, NBS said February 2026 recorded the highest increases in Enugu (5.92 per cent), Ogun (4.39 per cent) and Anambra (4.11 per cent), while Zamfara (-2.14 per cent), Bauchi (-1.23per cent), and Katsina (-1.06 per cent) recorded a decline in the Month-on-Month inflation.

In February 2026, the report said Food inflation on a Year-on-Year basis 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 in Food inflation on a Year-on-Year basis.

The report said on a Month-on-Month basis, however, February 2026 Food inflation 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) recorded a decline in Food inflation on a Month-on-Month basis.