Nigeria’s headline consumer inflation recorded a marginal slowdown in February, continuing a gradual downward trend that has persisted for nearly a year, according to the National Bureau of Statistics (NBS).
Official data released Monday showed that headline inflation eased to 15.06% year-on-year in February, down slightly from 15.10% recorded in January. The latest figure marks the 11th consecutive month of slowing inflation, although the pace of decline has remained minimal in recent months.
Despite the overall moderation, food inflation — a major driver of price pressures in Africa’s most populous country — accelerated during the month. Food prices rose 12.12% year-on-year in February, up from 8.89% in January, indicating continued cost pressures in the food supply chain.
The NBS recently introduced a revised methodology for calculating inflation, shifting to a 12-month reference period rather than relying on a single month comparison. The agency said the adjustment is intended to provide a more comprehensive reflection of price trends across the economy.
Meanwhile, Nigeria’s central bank has signaled optimism that inflation will continue to moderate in the coming months. The monetary authority recently resumed policy easing, implementing a modest interest rate cut last month after an extended period of aggressive tightening aimed at curbing price growth.
According to the bank, several factors are contributing to the gradual slowdown in inflation. These include the delayed impact of earlier monetary tightening, improved stability in the foreign exchange market, and efforts to boost food supply, which policymakers believe will help ease cost pressures over time.
Economists, however, note that the rebound in food inflation highlights persistent structural challenges in Nigeria’s agricultural and supply systems, suggesting that price stability may remain uneven even as overall inflation trends downward.