Nigeria's Inflation Drops to 15.10% in January 2026

The National Bureau of Statistics (NBS) reported that Nigeria's inflation rate has decreased to 15.10% in January 2026, down from 15.15% in December 2025. Year-on-year, the headline inflation rate was 12.51% compared to 27.61% in January 2025.

Month-on-month, the inflation rate stood at 2.88% in January, compared to 0.54% in December. Food inflation was reported at 8.89% year-on-year, a significant drop from 29.63% in January 2025, with a month-on-month food index increase of 6.02% compared to 0.36% in December.

The NBS attributed the decline in food inflation to reduced average prices of several commodities, including water, yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, melon, unshelled cassava tubers, and cowpea. However, core inflation, which excludes volatile agricultural products and energy prices, stood at 17.72% year-on-year in January 2026, down from 25.27% in the corresponding period of 2025, with a month-on-month core index of 1.69% compared to 0.58% in the preceding month.