Nigeria's Inflation Rate Falls to 15.10% in January 2026

According to the Bureau of Statistics' monthly inflation report, Nigeria's headline inflation rate dropped to 15.10% in January 2026, a decrease of 0.05% from 15.15% in December 2025. The year-on-year basis inflation rate was recorded at 12.51%, significantly lower than the 27.61% recorded in January 2025.

Month-on-month, the headline inflation rate for January 2026 was 2.88%, which is 3.42% lower than the rate recorded in December 2025, indicating a 0.54% increase in the average price level. Major contributors to the headline inflation included food and non-alcoholic beverages at 6.04%, restaurants and accommodation services at 1.95%, and transport at 1.61%.

The least contributors were recreation, sport, and culture at 0.05%, alcohol, beverages, tobacco, and narcotics at 0.06%, and insurance and financial services at 0.07%. The food inflation rate was reported at 8.89% year-on-year and 6.02% month-on-month, reflecting a decrease attributed to lower prices of water yam, eggs, green peas, groundnut oil, and other agricultural products.

Core inflation, excluding volatile agricultural prices, stood at 17.72% year-on-year and 1.69% month-on-month, down 2.27% compared to December 2025.