Meals inflation hits 12.12% as enter prices soar

Nigeria’s meals inflation fee rose to 12.12 per cent year-on-year in February 2026, reversing the single-digit degree recorded in January and signalling renewed stress on family meals prices.

Knowledge from the Shopper Worth Index report launched by the Nationwide Bureau of Statistics on Monday confirmed that the indicator elevated from 8.89 per cent in January 2026 to 12.12 per cent in February, representing an increase of three.23 share factors. The February determine pushed meals inflation again into double-digit territory after January’s sharp slowdown, which had marked the primary single-digit studying in additional than a decade.

Regardless of the rise from the earlier month, the most recent determine stays considerably decrease than the extent recorded a 12 months earlier. In keeping with the NBS report, “The Meals inflation fee in February 2026 was 12.12 per cent on a year-on-year foundation. This was 14.86 share factors decrease in comparison with the speed recorded in February 2025 (26.98 per cent).”

On a month-on-month foundation, meals costs rose by 4.69 per cent in February, reflecting a resurgence in short-term worth pressures throughout meals markets. The statistics workplace attributed the rise to rising costs of a number of staple objects throughout the nation.

The report acknowledged that the surge was “attributed to the speed of improve within the common costs of Beans, Carrots, Okazi Leaf, Cassava Tuber, Crayfish, Millet Flour, Yam Flour, Snails, Avenger (Ogbono/Apon) – dried ungrinded, cow peas, and many others.”

Farmers defined that the excessive price of inputs drove the rise within the costs of meals, as they referred to as for intervention from the federal government to curb the spike in meals costs throughout the nation.

Whereas the month-to-month rebound suggests volatility in meals markets, longer-term indicators level to a considerable easing in meals worth progress in contrast with the earlier 12 months. The NBS stated the typical annual fee of meals inflation for the twelve months ending February 2026 stood at 19.08 per cent, representing a pointy drop from 37.40 per cent recorded in February 2025.

In keeping with the report, “The common annual fee of Meals inflation for the twelve months ending February 2026 over the earlier twelve-month common was 19.08 per cent, which was 18.31 share factors decrease in contrast with the typical annual fee of change recorded in February 2025 (37.40 per cent).”

State-level information confirmed vital variations in meals worth actions throughout the nation. On a year-on-year foundation, Kogi recorded the best meals inflation fee at 26.91 per cent, adopted by Adamawa at 23.12 per cent and Benue at 21.89 per cent.

Conversely, Katsina recorded the slowest improve in meals costs at 5.09 per cent, whereas Bauchi and Imo posted 7.09 per cent and seven.65 per cent, respectively. On a month-on-month foundation, Bayelsa recorded the best improve in meals costs at 8.81 per cent, adopted by Ebonyi at 8.51 per cent and Edo at 7.72 per cent.

In the meantime, Katsina recorded a slight decline in meals inflation at minus 0.70 per cent, whereas Nasarawa and Kano recorded will increase of 0.17 per cent and 1.39 per cent, respectively. The February CPI report additionally confirmed that Nigeria’s headline inflation fee eased barely through the interval.

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

Knowledge from the report confirmed that the Shopper Worth 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 typical change over time within the costs of products and companies consumed by households.

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

Nevertheless, regardless of the yearly slowdown, costs rose quicker on a month-to-month foundation. The NBS stated the month-on-month inflation fee 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 worth degree was greater than the speed of improve within the common worth degree in January 2026,” the bureau defined.

The statistics workplace additional famous that meals costs remained the biggest driver of inflation, accounting for the best contribution to the headline index. Meals and non-alcoholic drinks contributed 6.03 share factors to general inflation, adopted by eating places and lodging companies at 1.95 share factors and transport at 1.61 share factors.

Housing, water, electrical energy, gasoline, and different fuels accounted for 1.27 share factors, whereas training companies contributed 0.93 share factors to the headline index. City inflation remained barely greater than rural inflation through the interval below evaluate.

On a year-on-year foundation, city inflation stood at 15.53 per cent in February 2026, considerably decrease than the 28.49 per cent recorded in February 2025. On a month-on-month foundation, the city inflation fee elevated to 2.55 per cent from a decline of two.72 per cent in January.

The NBS acknowledged that rural inflation additionally declined on a yearly foundation however rose in contrast with the earlier month. Rural inflation was recorded at 13.93 per cent year-on-year in February 2026, in contrast with 22.73 per cent in February 2025.

On a month-on-month foundation, rural inflation elevated to 0.71 per cent in February, up from a decline of three.29 per cent recorded in January. In the meantime, core inflation, which excludes unstable agricultural produce and vitality costs, additionally declined on a yearly foundation.

In keeping with the report, core inflation stood at 15.88 per cent year-on-year in February 2026, in contrast with 25.66 per cent recorded in February 2025. On a month-on-month foundation, nonetheless, the core inflation fee rose to 0.89 per cent, from a decline of 1.69 per cent in January.

The NBS added that the twelve-month common inflation fee for the interval ending February 2026 elevated to 21.03 per cent, in contrast with 18.01 per cent recorded within the corresponding interval of 2025.

State-level evaluation within the report confirmed vast variations in worth actions throughout the nation. On a year-on-year foundation, Kogi recorded the best all-items inflation fee at 23.57 per cent, adopted by Benue at 22.85 per cent and Anambra at 22.09 per cent.

Conversely, Katsina recorded the bottom inflation fee at 7.78 per cent, adopted by Imo at 11.66 per cent and Ebonyi at 11.71 per cent. On a month-on-month foundation, Enugu recorded the best inflation improve at 5.92 per cent, adopted by Ogun at 4.39 per cent and Anambra at 4.11 per cent.

In the meantime, Zamfara recorded the steepest decline in month-to-month inflation at minus 2.14 per cent, adopted by Bauchi at minus 1.23 per cent and Katsina at minus 1.06 per cent. The bureau famous that inflation comparisons throughout states must be interpreted fastidiously as a result of consumption patterns and weights utilized in calculating the CPI differ throughout areas.

The PidomNigeria earlier reported in February 2026 that farmers throughout the nation would possibly scale down or utterly boycott the upcoming planting season as rising enter prices and falling produce costs proceed to squeeze revenue margins.

The President of the All Farmers Affiliation of Nigeria, Mohammed Magaji, stated many farmers are already reconsidering their participation on this 12 months’s farming cycle on account of mounting losses.

“It’s very dangerous within the sense that the farmers is not going to go to farm once more. Many of the farmers we’re speaking to now are saying they won’t go to farm this time round; they are going to wait and purchase. What does it imply? It has lots of implications,” Magaji stated.

Nevertheless, members of the Organised Non-public Sector warned that the marginal easing in headline inflation presents little aid to companies and households, citing persistent will increase in meals and vitality 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 dwelling.

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 slightly than structural enhancements within the economic system.

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

He pressured that the marginal decline was not sufficient to warrant celebration amongst small and medium-sized enterprises. “For us as Small and Medium Enterprises, I don’t suppose it’s a name for celebration but as a result of the discount remains to be very marginal, and naturally, the key driver of inflation, which is meals, remains to be there, and vitality prices stay excessive. Meals and vitality are large points for SMEs, and they’re nonetheless excessive,” he stated.

Egbesola added that the present inflation figures haven’t translated into aid for companies or households. “In the mean time, this isn’t reflecting in companies, this isn’t reflecting within the livelihood of the widespread man on the streets, and this isn’t reflecting within the costs of products, commodities, and companies. Costs proceed to go greater, significantly with the current improve in gas costs,” he lamented.

He urged the federal government to strengthen financial coverage measures to make sure inflation moderates additional and begins to profit companies. “The federal government must agency up financial insurance policies in order that they will keep this inflation fee and presumably get it diminished additional. That’s the solely manner we will start to see a trickle of advantages. We shouldn’t be celebrating on paper or in surveys; the outcomes ought to mirror within the realities of companies and the lives of residents,” Egbesola stated.

He additionally warned that rising international vitality costs linked to tensions within the Center East may push inflation greater within the coming months. “Sure, we foresee a rise in inflation in March pushed by the warfare happening within the Center East. We’re already seeing the impact when it comes to the price of vitality and even the price of inputs which can be imported from different nations, and it’ll mirror within the March report,” he stated.

Egbesola urged companies to scale back dependence on imported inputs. “Additionally it is a warning for companies to not calm down but. We have to buckle up and see how we will do backward integration to start to make use of issues that we’ve got regionally slightly than relying extra on imported items, uncooked supplies, or inputs,” he added.

Additionally commenting, the Chief Govt Officer of the Centre for the Promotion of Non-public Enterprise, Dr Muda Yusuf, described the drop in headline inflation as statistically insignificant.

Yusuf stated, “The lower in headline inflation may be very marginal, which isn’t vital; it’s pretty much as good as saying that there isn’t any materials change in it. Typically, at about 15 per cent, we will say that inflation remains to be slightly elevated.”

He expressed concern concerning the rise in meals inflation, noting that the return to double-digit ranges indicators persistent structural challenges. “If meals inflation has jumped from single digits to about 12 per cent, then that must be regarding as a result of we had been celebrating the truth that meals inflation was in single digits in January. Which means we nonetheless have some challenges to cope with, particularly insecurity and logistics prices,” Yusuf stated.

He added that insecurity and excessive transportation prices proceed to constrain agricultural productiveness and meals provide. “Productiveness ranges are nonetheless low, largely due to insecurity and a few structural points. Even the importation of meals that helped briefly was solely a momentary intervention,” he stated.

Yusuf additionally warned that rising vitality costs may intensify inflationary pressures within the coming months. “Vitality price is a significant factor in inflation. Every time we’ve got a spike in vitality price, it will increase inflation, so in March, we’re more likely to see the affect of this present vitality disaster that we face and a a lot greater inflationary stress,” he stated.

Whereas acknowledging the decline in core inflation, he pressured that broader structural challenges nonetheless pose dangers to cost stability. “The steadiness of the change fee has helped to reasonable core inflation, however usually we nonetheless want to fret about what is occurring to meals inflation as a result of the spike from single digits to double digits is critical,” Yusuf added.