Nigeria’s inflation rate fell to 15.10 per cent in January, showing a slight slowdown in the rise of consumer prices compared to the previous month.
Data released by the National Bureau of Statistics (NBS) showed that headline inflation dropped from 15.15 per cent in December to 15.10 per cent in January, indicating easing price pressures.
The Consumer Price Index (CPI) also declined to 127.4 points in January from 131.2 points in December, reflecting a 3.8-point decrease. On a month-on-month basis, inflation recorded a negative growth rate of 2.88 per cent, reversing the 0.54 per cent increase recorded in December and showing that average prices fell during the month.
Year-on-year, inflation stood at 15.10 per cent in January 2026, which is 12.51 percentage points lower than the 27.61 per cent recorded in January 2025.
The bureau also reported that the average CPI for the 12 months ending January 2026 rose by 21.97 per cent, higher than the 17.59 per cent recorded in the same period last year.
Urban inflation stood at 15.36 per cent year-on-year in January 2026, down from 29.45 per cent in January 2025. On a monthly basis, it declined by 2.72 per cent compared to a 0.99 per cent increase in December. The 12-month average for urban inflation was 22.30 per cent.
Rural inflation was 14.44 per cent year-on-year, lower than the 25.04 per cent recorded a year earlier. Month-on-month, rural inflation fell by 3.29 per cent, while the 12-month average stood at 21.03 per cent.
Food inflation slowed significantly, dropping to 8.89 per cent year-on-year in January 2026 from 29.63 per cent in January 2025. On a monthly basis, it declined by 6.02 per cent.
The NBS attributed the drop to lower prices of items such as yam, eggs, vegetable oil, beans, maize, beef and cassava. The 12-month average food inflation rate also declined to 20.29 per cent from 38.47 per cent the previous year.
Core inflation, which excludes farm produce and energy prices, stood at 17.72 per cent year-on-year in January 2026, down from 25.27 per cent in January 2025. Month-on-month, it fell by 1.69 per cent, while the 12-month average dropped to 22.84 per cent.
