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

In January 2026, Nigeria's headline inflation rate decreased to 15.10%, down from 15.15% in December 2025, according to the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) fell to 127.4 in January from 131.2 in December, reflecting a 3.8-point decline year-on-year.

Month-on-month inflation stood at 2.88% in January compared to 0.54% in December. However, the twelve-month average inflation rate rose to 21.97% in January 2026, up from 17.59% in January 2025, indicating persistent price pressures over a longer horizon.

Food inflation recorded a significant decline, slowing to 8.89% year-on-year in January 2026 from 29.63% in January 2025, with a monthly drop of 6.02% compared to 0.36% in December. The NBS attributed this decline to reduced prices of various food items.

Despite this, inflationary pressures remained intense in states like Niger, which reported an item index of 126.3 in January 2026, reflecting a year-on-year increase of 16.9%.