Nigeria inflation eases to 15.06 percent in February

Headline inflation in Nigeria experienced a slight deceleration in February, continuing a nearly year-long trend of easing price pressures. Data from the National Bureau of Statistics indicates that the headline consumer inflation rate fell to 15.06% year-on-year, a marginal drop from the 15.10% recorded in January. This latest figure marks the 11th consecutive month of slowing inflation, although the pace of the decline has remained modest over the first two months of the year. While the headline figure showed improvement, food inflation—a critical driver for the economy—witnessed a notable uptick. The agency reported that food prices climbed to 12.12% year-on-year in February, rising from 8.89% in January. The central bank recently shifted its stance toward monetary policy easing, implementing a small interest rate cut last month. Policymakers have expressed confidence that inflation will remain on a downward trajectory. According to the central bank, the cooling of prices is being supported by the lagged effects of previous monetary tightening measures, a stable exchange rate environment, and an enhanced supply of food products. The statistics agency also noted that it has transitioned to a revamped methodology for its reports, now utilizing a 12-month reference period rather than focusing on a single month.