LAGOS, Mar 16 – Nigeria’s headline inflation rate slowed slightly in February, extending a gradual disinflation trend as policymakers cautiously begin easing monetary policy.
According to data released by the National Bureau of Statistics, consumer prices rose 15.06% year-on-year in February, compared with 15.10% recorded in January.
The latest figures mark the 11th consecutive monthly decline in Nigeria’s inflation rate, although the pace of the slowdown has been modest in recent months.
The easing in price pressures comes after the Central Bank of Nigeria resumed monetary policy easing last month with a small interest rate cut. The central bank has said it expects inflation to continue moderating.
However, food prices historically the largest contributor to Nigeria’s inflation increased during the month.
Food inflation rose to 12.12% year-on-year in February from 8.89% in January, according to the statistics agency.
The National Bureau of Statistics recently introduced a revised methodology for calculating inflation, shifting to a 12-month reference period rather than a single-month comparison.
The central bank said several factors are helping support the disinflation trend, including the delayed impact of earlier monetary tightening, improved exchange rate stability and stronger food supply conditions.
Despite the gradual slowdown, inflation remains a key challenge for policymakers as Nigeria continues efforts to stabilise prices and support economic growth.
