Nigeria's Inflation Drops to 15.06% in February 2023

According to the National Bureau of Statistics, Nigeria's inflation rate fell to 15.06% in February, representing a 0.04% decrease from 15.10% in January and marking the 12th consecutive month of decline. This trend follows the Central Bank of Nigeria's (CBN) monetary tightening measures, including a recent 50 basis point reduction in the benchmark interest rate from 27% to 26.5%.

Year-on-year, headline inflation decreased by 11.21% compared to February 2025. However, month-on-month inflation increased by 2.01% in February, up from 2.88% in January.

Food inflation stood at 12.12% year-on-year, with a month-on-month rise of 10.70%. The report highlighted significant price increases in various food items, including beans, cassava, and yam flour.

Urban inflation was recorded at 15.53%, while rural inflation was at 13.93%. The highest year-on-year inflation rates were noted in Kogi (23.57%), Benue (22.85%), and Anambra (22.09%).