Inflation above 20% persists throughout six states, FCT

Inflation remained above 20 per cent in six states and the Federal Capital Territory in February 2026, highlighting persistent value pressures on the subnational degree regardless of a marginal easing in Nigeria’s headline charge.

Knowledge from the Nationwide Bureau of Statistics’ newest Shopper Value Index report confirmed that headline inflation slowed barely to fifteen.06 per cent in February from 15.10 per cent in January.

Nonetheless, disaggregated figures point out that a number of states proceed to expertise considerably increased inflation, pushed largely by meals costs and native value dynamics. An evaluation of the report reveals that Kogi recorded the very best all-items inflation at 23.6 per cent, adopted by Benue at 22.9 per cent and Anambra at 22.1 per cent.

The Federal Capital Territory posted 21.9 per cent, whereas Oyo and Akwa Ibom recorded 21.6 per cent and 20.9 per cent, respectively. Adamawa stood at 20.0 per cent, sitting on the threshold.

The unfold of inflation throughout these states means that nationwide disinflation is but to translate into broad-based value reduction, with regional value buildings and provide situations sustaining elevated inflation.

Meals inflation stays a central issue behind the divergence. Kogi recorded meals inflation of 26.9 per cent, whereas Adamawa and Benue posted 23.1 per cent and 21.9 per cent, respectively.

These ranges are considerably above the nationwide meals inflation charge of 12.12 per cent, indicating stronger localised pressures in key consumption and manufacturing areas.

Even in states with comparatively decrease meals inflation, equivalent to Anambra at 13.8 per cent and Oyo at 14.9 per cent, total inflation remained above 20 per cent, reflecting the contribution of non-food parts equivalent to transport, housing, and power prices.

A key growth in February was the sharp reversal in month-to-month value tendencies. All of the states recorded optimistic month-on-month inflation after experiencing value declines in January, pointing to renewed momentum in value will increase.

Anambra recorded the quickest month-to-month rise in all-items inflation at 4.1 per cent, intently adopted by Oyo at 4.0 per cent and Akwa Ibom at 3.8 per cent.

Abuja and Kogi recorded will increase of two.2 per cent and a couple of.1 per cent, respectively, whereas Benue and Adamawa posted extra modest will increase of 0.3 per cent and 0.7 per cent.

The sample was much more pronounced in meals costs, the place all states recorded robust month-to-month will increase. Anambra led with a 6.6 per cent rise, adopted by Akwa Ibom at 6.5 per cent and Kogi at 5.9 per cent. This means that meals provide situations might have tightened once more after the momentary reduction seen in January.

In distinction, January information confirmed widespread declines in each meals and all-items inflation throughout the identical states. Kogi recorded a 6.0 per cent drop in all-items costs and 6.8 per cent in meals costs, whereas Abuja posted declines of 4.5 per cent and seven.3 per cent, respectively. Comparable downward actions had been recorded in Anambra, Oyo, Akwa Ibom, and Adamawa.

The reversal between January and February signifies that the sooner decline in costs was seemingly momentary, with underlying structural pressures re-emerging rapidly.

Nigeria’s headline inflation charge declined marginally to fifteen.06 per cent in February 2026, from 15.10 per cent in January. The report said, “In February 2026, the Headline inflation charge eased to fifteen.06 per cent, down from 15.10 per cent in January 2026,” indicating a slight moderation within the tempo of value will increase throughout the financial system.

Knowledge from the report confirmed that the Shopper Value Index rose to 130.0 in February 2026 from 127.4 in January, reflecting a 2.6-point improve throughout the month. The CPI measures the common change over time within the costs of products and providers consumed by households.

In accordance with the bureau, the inflation charge additionally declined sharply on a year-on-year foundation. “The February 2026 Headline inflation charge was 11.21 share factors decrease than the speed recorded in February 2025 (26.27 per cent),” the report famous.

Nonetheless, regardless of the yearly slowdown, costs rose quicker on a month-to-month foundation. The NBS stated the month-on-month inflation charge stood at 2.01 per cent in February 2026, in contrast with a decline of two.88 per cent recorded in January.

“Which means that in February 2026, the speed of improve within the common value degree was increased than the speed of improve within the common value degree in January 2026,” the bureau defined.

Nonetheless, members of the Organised Non-public Sector warned that the marginal easing in headline inflation presents little reduction to companies and households, citing persistent will increase in meals and power prices.

In separate interviews with The PidomNigeria, OPS members stated the advance in inflation was too small to make a significant distinction to enterprise operations or the price of residing.

The President of the Affiliation of Small Enterprise House owners of Nigeria, Dr Femi Egbesola, stated the slight drop in inflation was largely pushed by seasonal demand elements reasonably than structural enhancements within the financial system.

Egbesola stated, “I feel the explanation for the marginal discount within the inflation charges is properly imagined, and I feel it’s since you would agree that till this current time, there’s been some stability in results, which undoubtedly would drive down inflation. On the similar time, we are actually within the post-holiday season, so demand has diminished as a result of the Christmas and New 12 months interval has handed, and purchases should not very tight.”

He confused that the marginal decline was not sufficient to warrant celebration amongst small and medium-sized enterprises. Egbesola added that the present inflation figures haven’t translated into reduction for companies or households.