Nigeria’s headline inflation edged down to 15.10 per cent in January 2026, slightly lower than the 15.15 per cent recorded in December 2025, the National Bureau of Statistics (NBS) reported on Monday. The modest decline came despite earlier projections by analysts that inflation could rise to 19 per cent in the month. The CPI fell to 127.4 in January from 131.2 in December, representing a 3.8-point drop. Year-on-year, the headline inflation rate is 12.51 percentage points lower than the 27.61 per cent recorded in January 2025. Month-on-month, inflation fell by 2.88 per cent in January, following a 0.54 per cent rise in December, indicating a reduction in average price levels. The NBS stated: “The Consumer Price Index declined to 127.4 in January 2026, reflecting a 3.8-point decrease from the preceding month. Headline inflation eased to 15.10 per cent, down from 15.15 per cent in December 2025, a decline of 0.05 percentage points.” The bureau noted that the twelve-month average CPI ending January 2026 was 21.97 per cent, up from 17.59 per cent in January 2025. Urban and Rural Inflation Urban inflation dropped to 15.36 per cent year-on-year, from 29.45 per cent in January 2025, while rural inflation fell to 14.44 per cent from 25.04 per cent. Month-on-month, urban prices declined by 2.72 per cent and rural prices by 3.29 per cent. Food and Core Inflation Food inflation slowed to 8.89 per cent year-on-year, down from 29.63 per cent in January 2025, while month-on-month food prices fell by 6.02 per cent. The NBS attributed the slowdown to lower prices for staples including water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize grains, guinea corn, beans, beef, and cassava. Core inflation, which excludes volatile agricultural and energy items, stood at 17.72 per cent year-on-year, compared with 25.27 per cent in January 2025. Month-on-month, core inflation decreased by 1.69 per cent. State-Level Inflation Among states, Benue recorded the highest year-on-year inflation at 22.48 per cent, followed by Kogi (20.98 per cent) and the Federal Capital Territory (19.25 per cent). Ebonyi (8.72 per cent), Katsina (8.94 per cent), and Imo (10.61 per cent) had the lowest rates. For month-on-month changes, Imo and Ondo posted the largest increases at 1.93 per cent and 1.932 per cent, while Cross River, Ogun, and Kogi recorded the sharpest declines at negative 6.34 per cent, negative 6.30 per cent, and negative 6.03 per cent, respectively. In food inflation, Kogi led with 19.84 per cent, followed by Benue (18.38 per cent) and Adamawa (17.29 per cent), while Ebonyi, Abia, and Imo had the slowest increases. The figures reflect continued easing in Nigeria’s inflationary pressures, particularly in food prices, providing some relief for households after periods of high price growth.
