Inflation Slows to 15.10% as Food Prices Eased in January

Inflation Slows to 15.10% as Food Prices Eased in January

 

Nigeria’s inflation rate recorded a marginal decline to 15.10 per cent in January 2026, signalling a slight moderation in consumer prices at the start of the year.

Latest data released on Monday by the National Bureau of Statistics (NBS) showed that headline inflation dipped from 15.15 per cent in December 2025, reflecting a 0.05 percentage point decrease.

The NBS, in its January Consumer Price Index (CPI) report, also revealed that food inflation — a key driver of household spending pressures — eased significantly to 8.89 per cent in January, down from 10.84 per cent recorded in December.

According to the bureau, the CPI dropped to 127.4 points in January from 131.2 points in the preceding month, representing a 3.8-point decline.

On a month-on-month basis, inflation fell sharply to -2.88 per cent in January, compared to 0.54 per cent in December — a 3.42 percentage point swing.

This indicates that the average price level not only slowed but contracted within the month under review.

“The Consumer Price Index (CPI) declined to 127.4 in January 2026, reflecting a 3.8-point decrease from the preceding month (131.2),” the NBS stated.

It added, “In January 2026, the headline inflation rate eased to 15.10%, down from 15.15% in December 2025.

“On a month-on-month basis, the headline inflation rate in January 2026 was -2.88%, which was 3.42% lower than the rate recorded in December 2025 (0.54%).”

The moderation in both headline and food inflation may offer cautious optimism for households and policymakers, particularly amid ongoing economic reforms and cost-of-living concerns.

However, analysts note that while the decline suggests easing price pressures, the overall inflation rate remains elevated, keeping purchasing power under strain.