March 16, 2026/CSL Report

Data from the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation moderated by 4 basis points (bps) to 15.1% year-on-year (y/y) in February.

However, there was a noticeable uptick in month-on-month (m/m) inflation, as price advanced by 2.0% m/m, compared to the contraction of 2.9% m/m seen in January.

Meanwhile, food inflation rose to 12.1%, up from 8.9% y/y in January, while core inflation fell to 15.9% y/y in February compared to 17.7% y/y in the prior month.