Nigeria’s Inflation Eases to 15.10% in January 2026 – NBS

By Oluwakemi Kindness

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate declined marginally to 15.10 per cent in January 2026, down from 15.15 per cent in December 2025.

The slight drop according to the NBS on Monday came despite earlier projections by analysts that inflation could rise to 19 per cent in January.

The Consumer Price Index (CPI) fell to 127.4 from 131.2 in December, representing a 3.8-point decrease.

On a year-on-year basis, inflation fell 12.51 percentage points compared to 27.61 per cent recorded in January 2025.

Month-on-month, inflation stood at -2.88 per cent, indicating a decline in average price levels, compared to 0.54 per cent in December.

The NBS noted:
“In January 2026, the headline inflation rate eased to 15.10 per cent, down from 15.15 per cent in December 2025… the Consumer Price Index declined to 127.4, reflecting a 3.8-point decrease from the preceding month.”

Urban vs. Rural Inflation

• Urban inflation: 15.36% year-on-year, down from 29.45% in January 2025. Month-on-month, it fell by 2.72% (December: 0.99%).
• Rural inflation: 14.44% year-on-year, down from 25.04% in January 2025. Month-on-month, it declined by 3.29% (December: -0.55%).

Food Inflation Slows Sharply

Food prices recorded a significant slowdown, with year-on-year food inflation at 8.89%, down from 29.63% in January 2025. Month-on-month, food prices fell by 6.02%.

The NBS attributed the decline to reduced prices of yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, and cassava.

Core Inflation Trends

Core inflation, which excludes volatile agricultural and energy items, stood at 17.72% year-on-year in January 2026, down from 25.27% in January 2025. Month-on-month, it fell by 1.69%, compared to 0.58% in December.

The 12-month average rates also reflected a steady decline:
• Overall CPI: 21.97% (January 2025: 17.59%)
• Urban CPI: 22.30%
• Rural CPI: 21.03%
• Food CPI: 20.29% (January 2025: 38.47%)
• Core CPI: 22.84% (January 2025: 27.24%)

The figures indicate a gradual easing of inflation pressures across the country, offering relief to households ahead of the 2027 election cycle.