Abuja, Nigeria – Nigeria’s headline inflation rate moderated to 15.10 percent in January 2026, down marginally from 15.15 percent in December 2025, according to the latest Consumer Price Index report from the National Bureau of Statistics.
Okay News reports that the 0.05 percentage point decline suggests continued easing of price pressures at the start of the year. On a year-on-year basis, inflation dropped significantly, with the January 2026 rate standing 12.51 percentage points lower than the 27.61 percent recorded in January 2025.
The report also showed a contraction in prices compared to the previous month. Inflation stood at negative 2.88 percent month-on-month in January, compared to 0.54 percent in December. According to the statistics bureau, this indicates the general price level declined, meaning the average cost of goods and services fell relative to the previous month. Despite this recent easing, the broader inflation trend remains elevated. The percentage change in the average Consumer Price Index for the twelve months ending January 2026 was 21.97 percent.
Food inflation, the largest component of household spending, fell sharply in January, providing significant relief to consumers. On a year-on-year basis, food inflation stood at 8.89 percent, a steep drop of 20.73 percentage points from 29.63 percent recorded in January 2025. Month-on-month, food prices declined further to negative 6.02 percent. The statistics bureau attributed the decline to falling average prices of staple items, including water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize grains, guinea corn, beans, beef, melon, cassava tubers, and cowpeas.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 17.72 percent year-on-year in January, down from 25.27 percent in January 2025. On a month-on-month basis, core inflation declined to negative 1.69 percent, showing slower price increases in non-food items.
In urban areas, inflation stood at 15.36 percent year-on-year, a sharp decline from 29.45 percent in January 2025. Rural inflation followed a similar downward trend, standing at 14.44 percent year-on-year, down from 25.04 percent. The January figures defied analysts’ projections, which had placed the headline figure within the 15.15 to 16.25 percent range. Analysts noted that January’s outcome provides an important early signal for first-quarter monetary policy decisions.
