Nigeria’s headline inflation rate moderated slightly to 15.10% in January 2026, down from 15.15% recorded in December 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).
The marginal decline of 0.05 percentage points shows a continued slowdown in price pressures at the start of the year, following several months of easing inflation.
On a year-on-year basis, inflation dropped significantly compared to the same period last year.
The January 2026 rate of 15.10 per cent is 12.51 percentage points lower than the 27.61 per cent recorded in January 2025.
The latest inflation figure is a new low since November 2020.
Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89 per cent, down from December’s 10.84 per cent, mainly on account of staples like cooking oil, grains and vegetables. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, remained elevated but moderated for the seventh month to 17.72 per cent in January 2026, the lowest since October 2022.
On a monthly basis, the CPI fell by 2.88 per cent in January, after a 0.54 per cent rise in the prior month.
