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

In January 2026, Nigeria's inflation rate decreased to 15.10%, down from 15.15% in December 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). This represents a marginal decline of 0.05 percentage points, indicating a continued slowdown in price pressures at the start of the year.

Year-on-year, the inflation rate is 12.51 percentage points lower than the 27.61% recorded in January 2025. Month-on-month, inflation contracted significantly by 2.88% in January 2026 compared to a 0.54% decline in December 2025.

The twelve-month average CPI at the end of January 2026 stood at 21.97%, compared to 17.59% in January 2025, reflecting persistent underlying price pressures. Food inflation, a major component of household expenditure, recorded a significant year-on-year decline to 8.89% from 29.63% in January 2025.

Month-on-month food inflation was 6.02%, down from 0.36% in December 2025. The Central Bank of Nigeria (CBN) is expected to consider these trends in its monetary policy deliberations.