•Foodstuffs market in Nigeria
Nigeria’s annual food inflation rate reversed a six-month downward trend, rising to 12.2 per cent in February, from 8.89 per cent in January, driven by prices of beans, yam flour, cassava tuber, crayfish and other items.
Similarly, the monthly food inflation rate reversed a two-month downward trend and rose to 4.69 per cent in February from -6.02 per cent in January, reports Vanguard.
The National Bureau of Statistics, NBS, disclosed this yesterday in its Consumer Price Index report for February.
While the report showed further decline in the annual headline inflation rate to 15.06 per cent in February from 15.10 per cent in January, it, however, showed an increase in the month-on-month (monthly) headline and food inflation rates during the months.
The report stated: “In February 2026, the headline inflation rate eased to 15.06 per cent, down from 15.10 per cent in January 2026.
“Looking at the movement, the February 2026 headline inflation rate showed a decrease of 0.04% compared to the January 2026 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 11.21 per cent lower than the rate recorded in February 2025 (26.27 per cent). This shows that the headline inflation rate (year-on-year basis) decreased in February 2026 compared to the same month in the preceding year (i.e., February 2025).
“On a month-on-month basis, the headline inflation rate in February 2026 was 2.01 per cent, which was 4.89 per cent higher than the rate recorded in January 2026 (-2.88 per cent). This means that in February 2026, the rate of increase in the average price level was higher than the rate of increase in the average price level in January 2026.
Food inflation
“The food inflation rate in February 2026 was 12.12 per cent on a year-on-year basis. This was 14.86 per cent points lower compared to the rate recorded in February 2025 (26.98 per cent).
“However, on a month-on-month basis, the food inflation rate in February 2026 was 4.69 per cent, up by 10.70 per cent compared to January 2026 (-6.02 per cent). The increase can be attributed 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.
“The average annual rate of food inflation for the 12 months ending February 2026 over the previous 12-month average was 19.08%, which was 18.31% points lower compared with the average annual rate of change recorded in February 2025 (37.40%).’’
States inflation
The NBS report also showed that Kogi State recorded the highest headline and food inflation rates of 23.57% and 26.91% respectively in February.
The report stated: “In February 2026, the All-Items inflation rate on a Year-on-Year basis was highest in Kogi (23.57%), Benue (22.85%), and Anambra (22.09%), while Katsina (7.78%), Imo (11.66%) and Ebonyi (11.71%) recorded the lowest rise in headline inflation on a Year-on-Year basis.
“On a Month on-Month basis, however, February 2026 recorded the highest increases in Enugu (5.92%), Ogun (4.39%) and Anambra (4.11%), while Zamfara (-2.14%), Bauchi (-1.23%), and Katsina (-1.06%) recorded a decline in the Month-on-Month inflation.
“Food inflation on a Year-on-Year basis was highest in Kogi (26.91%), Adamawa (23.12%), and Benue (21.89%), while Katsina (5.09%), Bauchi (7.09%), and Imo (7.65%) recorded the slowest rise in Food inflation on a Year-on-Year basis. On a Month-on-Month basis, however, February 2026 Food inflation was highest in Bayelsa (8.81%), Ebonyi (8.51%) and Edo (7.72%), while Katsina (-0.70%).”
