NIGERIA’S headline inflation rate declined marginally to 15.10 per cent in January 2026, slipping from 15.15 per cent recorded in December 2025, according to fresh figures released by the National Bureau of Statistics (NBS).
The statistics office noted that the latest figure represents a 0.05 percentage point drop compared to the previous month.
The January data follows the bureau’s recent adoption of a revised methodology, which it said provides a more accurate reflection of prevailing market prices.
On a year-on-year basis, inflation fell significantly by 12.51 percentage points from 27.61 per cent reported in January 2025.
Month-on-month, headline inflation stood at 2.88 per cent, compared to 0.54 per cent in December, suggesting a more moderate increase in overall price levels.
Food inflation, a major driver of household expenses, recorded a sharp decline.
Year-on-year, it dropped to 8.89 per cent in January 2026 from 29.63 per cent in the corresponding period last year. On a monthly basis, food inflation stood at 6.02 per cent, up from 0.36 per cent in December.
The NBS attributed the easing in food prices to reductions in the cost of items such as water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, melon (egusi), cassava tubers and white cowpeas.
The 12-month average food inflation rate also moderated to 20.29 per cent in January 2026, down from 38.47 per cent recorded a year earlier — a decrease of 18.18 percentage points.
Core inflation, which excludes volatile agricultural produce and energy prices, slowed to 17.72 per cent year-on-year in January 2026, compared to 25.27 per cent in January 2025.
On a month-on-month basis, core inflation eased to 1.69 per cent from 0.58 per cent in December.
The 12-month average core inflation rate also declined to 22.84 per cent from 27.24 per cent a year earlier.
In urban areas, inflation fell to 15.36 per cent year-on-year, down from 29.45 per cent in January 2025, while month-on-month inflation stood at 2.72 per cent. However, the 12-month average urban inflation rate rose to 22.30 per cent.
Rural inflation also moderated, dropping to 14.44 per cent year-on-year from 25.04 per cent in the same period last year.
On a monthly basis, rural inflation declined to 3.29 per cent, while the 12-month average eased to 21.03 per cent from 30.79 per cent recorded in January 2025.
The inflation figures were released ahead of the upcoming Monetary Policy Committee meeting of the Central Bank of Nigeria (CBN), scheduled for February 23 and 24, 2026.
