Nigeria’s inflation rate eased marginally to 15.10% in January 2026, down from 15.15% in December 2025, the National Bureau of Statistics (NBS) has reported.
The slight decline comes despite earlier predictions from analysts that inflation could surge to 19% in January, signaling early signs of relief for Nigerian households facing persistent price pressures.
According to the NBS, the Consumer Price Index (CPI) fell to 127.4 in January, down from 131.2 in December, marking a 3.8-point drop.
On a year-on-year basis, inflation declined 12.51 percentage points from 27.61% in January 2025. Month-on-month, inflation registered a -2.88% change, indicating a reduction in average prices compared with 0.54% in December.
The NBS stated:
“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.”
Urban vs. Rural Inflation Trends
- Urban inflation: 15.36% year-on-year, down from 29.45% in January 2025; month-on-month fell by 2.72% (December: 0.99%).
- Rural inflation: 14.44% year-on-year, down from 25.04% in January 2025; month-on-month declined by 3.29% (December: -0.55%).
Food Prices Show Sharp Slowdown
Food inflation, a major driver of household expenditure, slowed significantly. Year-on-year food inflation stood at 8.89%, down from 29.63% in January 2025, while month-on-month food prices fell by 6.02%.
The NBS attributed the decline to lower prices for staples including yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, and cassava.
Core Inflation Trends
Core inflation, which excludes volatile food and energy items, moderated to 17.72% year-on-year in January 2026, down from 25.27% in January 2025. Month-on-month, it declined by 1.69%, compared with 0.58% in December.
The 12-month averages further highlight easing pressures across key indicators:
- 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%)
These figures suggest a gradual easing of inflationary pressures nationwide, providing some breathing room for consumers and households ahead of the 2027 election cycle.
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