BREAKING: Nigeria’s Inflation Falls to 15.10% in January 2026

Nigeria’s headline inflation rate eased slightly to 15.10% in January 2026, down from 15.15% in December 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).

The marginal decline of 0.05 percentage points reflects a continued moderation in price pressures at the start of the year, extending the easing trend recorded in recent months.

On a year-on-year basis, inflation recorded a significant drop compared to the same period last year. The January 2026 figure is 12.51 percentage points lower than the 27.61% reported in January 2025.

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Monthly Price Decline

The data also showed a contraction in prices month-on-month. Inflation stood at -2.88% in January 2026, compared to 0.54% in December 2025, indicating that the general price level declined during the month. According to the NBS, this suggests that the average cost of goods and services fell relative to the previous month.

Despite the recent easing, the broader trend remains elevated. The twelve-month average inflation rate for the period ending January 2026 stood at 21.97%, reflecting continued underlying price pressures.

Food inflation, the largest component of household spending, recorded a notable decline.

On a year-on-year basis, food inflation fell to 8.89%, representing a steep drop of 20.73 percentage points from 29.63% in January 2025. Month-on-month, food prices declined further to -6.02%, compared to -0.36% in December 2025.

The NBS attributed the reduction to falling average prices of staple items including yam, eggs, maize, beans, palm oil, groundnut oil, soya beans, beef, cassava tubers, and other key food products.

The twelve-month average food inflation rate also eased to 20.29%, down from 38.47% in January 2025, indicating sustained moderation in food price growth.

Core Inflation Moderates

Core inflation, which excludes volatile agricultural produce and energy prices, stood at 17.72% year-on-year, down from 25.27% in January 2025.

On a monthly basis, core inflation declined to -1.69%, compared to 0.58% in December 2025. The twelve-month average core inflation rate also eased to 22.84%, showing slower growth in non-food prices.

In urban areas, inflation stood at 15.36% year-on-year, a sharp decline from 29.45% in January 2025. Month-on-month, urban inflation fell to -2.72%, indicating price declines in cities.

Rural inflation followed a similar pattern, dropping to 14.44% year-on-year, compared to 25.04% in January 2025. On a monthly basis, rural inflation decreased further to -3.29%, reflecting stronger price reductions outside urban centres.