Nigeria’s headline inflation rate declined to 15 percent in February, according to the latest consumer price index report released by National Bureau of Statistics (NBS).
Gatekeepers News reports that the data shows a marginal drop from 15.1 percent recorded in January to about 15.06 percent in February.
NBS said the new figure reflects a modest slowdown in the rate at which the prices of goods and services are rising across the country. Although the drop is small, it continues the downward trend in inflation that has been recorded for several months.
Economic analysts note that the easing inflation is partly linked to relative stability in the exchange rate and the delayed impact of previous monetary tightening measures by the Central Bank of Nigeria (CBN). These policies were introduced to control rising prices and stabilise the economy.
However, the latest data also shows that food inflation remains a major concern. Food prices, which make up a significant portion of household spending in Nigeria, increased during the period, rising to about 12.12 percent from 8.89 percent in January.
Inflation has been a key economic challenge in recent years, with prices rising sharply due to factors such as currency fluctuations, high transportation costs, and supply disruptions in agricultural production.
Although the recent figures indicate a gradual slowdown, economists say sustained policy efforts will be needed to bring inflation to more comfortable levels.
NBS compiles the inflation figures using the consumer price index (CPI), which tracks changes in the prices of commonly purchased goods and services across the country. The agency updates the report monthly to measure the overall cost of living and price trends in Nigeria.
