Nigeria's Inflation Drops to 15.06% in February 2023

According to a report by James Emejo in Abuja, Nigeria's inflation rate decreased to 15.06% in February, a slight drop from 15.10% in January, as reported by the National Bureau of Statistics (NBS). Year-on-year, the headline inflation rate reduced by 11.21% compared to 26.27% in February 2025.

However, month-on-month inflation increased by 2.01%, up from 4.89% in January. The food inflation rate was recorded at 12.12%, a significant decrease from 26.98% in February 2025, although the month-on-month food index rose by 10.70%, compared to 4.69% in January.

The NBS attributed the spike in food inflation to rising average prices of various food items, including beans, carrots, and yam flour. Core inflation, which excludes volatile agricultural products and energy prices, stood at 15.88% year-on-year, reflecting a 9.78% decline compared to 25.66% in February 2025, while month-on-month core inflation increased by 0.89% compared to 1.69% in January.