Nigeria’s latest inflation figures offer what appears, at first glance, to be a welcome reprieve. Headline inflation edged down marginally to 15.06 percent in February 2026, a slight dip from 15.10 percent in January, reinforcing a narrative of gradual macroeconomic stabilisation. Yet this apparent calm is deceptive. Beneath the surface, price pressures remain stubbornly elevated, and more importantly, unevenly distributed across the economy. The decline in core inflation, which eased to 15.88 percent, masks the more troubling surge in food prices, where inflation accelerated sharply to 12.12 percent from 8.89 percent just a month earlier . This divergence tells a deeper story about the structure of inflation in Nigeria today. It is no longer merely a monetary phenomenon but a reflection of persistent supply-side fragilities. While statistical base effects continue to flatter year-on-year comparisons, the lived reality for households suggests otherwise. Prices are not falling in absolute terms; they are simply rising at a slower pace. For a country where food accounts for a significant share of household expenditure, this distinction is not academic, it is existential.