Nigeria’s inflation rate slowed slightly to 15.10% in January 2026, down from 15.15% in December 2025, according to the National Bureau of Statistics (NBS).
The minor decline defies earlier forecasts by analysts, who had projected inflation could spike to 19% in January, suggesting early signs of relief for households contending with rising prices.
The NBS reported that the Consumer Price Index (CPI) dropped to 127.4 in January, from 131.2 in December, representing a 3.8-point decrease. Year-on-year, inflation fell 12.51 percentage points compared with 27.61% recorded in January 2025. Month-on-month, inflation recorded -2.88%, indicating a reduction in average prices versus 0.54% in December.
The agency noted:
“In January 2026, the headline inflation rate eased to 15.10 per cent, down from 15.15 per cent in December 2025… the Consumer Price Index declined to 127.4, reflecting a 3.8-point decrease from the preceding month.”
Nigeria’s headline inflation eased to 15.10% in January 2026, with both urban and rural consumers benefiting from falling food and core prices
Food inflation, a key driver of household expenditure, eased notably. Year-on-year food inflation was 8.89%, down from 29.63% in January 2025, while month-on-month food prices dropped 6.02%.
The NBS linked the slowdown to falling prices of staples such as yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, and cassava.
Core Inflation Moderates
Core inflation, which excludes volatile food and energy items, slowed to 17.72% year-on-year, from 25.27% in January 2025. Month-on-month, core inflation fell by 1.69%, compared with 0.58% in December.
Twelve-month averages further illustrate easing inflationary pressures:
Overall CPI: 21.97% (January 2025: 17.59%)
Urban CPI: 22.30%
Rural CPI: 21.03%
Food CPI: 20.29% (January 2025: 38.47%)
Core CPI: 22.84% (January 2025: 27.24%)
The data suggests a gradual easing of inflation across Nigeria, offering some relief to consumers and households as the country approaches the 2027 election cycle.
