March 16, 2026/Cordros Update

Nigeria’s headline inflation slowed by 4bps to 15.06% y/y in February (January: 15.10% y/y). More notably, on a month-on-month basis, consumer prices rose by 2.01%, marking a sharp rebound from the 2.88% contraction recorded in January.

Elsewhere, food inflation edged higher by 323bps to 12.12% y/y in February (January: 8.89% y/y). On a month-on-month basis, the food index accelerated by 4.69% (January: -6.02% m/m), due to the rate of increase in the average prices of Beans, Carrots, Okazi Leaf, Cassava Tuber, Crayfish, Millet Flour, Yam Flour, Snails, Avenger (Ogbono/Apon) – dried ungrinded, cow peas, etc.

However, core inflation (all items excluding farm produce and energy) moderated by 184bps to 15.88% y/y in February (January: 17.72% y/y). On a month-on-month basis, the core index increased by 0.89% (January: -1.69% m/m).