Nigeria’s headline inflation rate moderated slightly to 15.10 per cent in January 2026, down from 15.15 per cent recorded in December 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The marginal decline of 0.05 percentage points signals a sustained easing of price pressures at the beginning of the year, extending a trend of gradual moderation observed over recent months.
On a year-on-year basis, the latest figure represents a significant improvement compared to the same period in 2025. The January 2026 inflation rate of 15.10 per cent is 12.51 percentage points lower than the 27.61 per cent recorded in January 2025, reflecting a sharp deceleration in annual price growth.
Analysts say the base effect from last year’s elevated price levels, alongside relative exchange rate stability and improved supply conditions in some food-producing regions, may have contributed to the slowdown.
The steady moderation in inflation suggests that macroeconomic adjustments introduced over the past year may be yielding gradual results. However, economists caution that underlying structural challenges—including food supply constraints, logistics bottlenecks, and energy costs—remain key drivers of consumer prices.
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Despite the slight month-on-month dip, households and businesses continue to grapple with elevated living costs compared to historical averages, even as the pace of increases slows.
The latest data could influence monetary policy decisions in the coming months, as authorities weigh the need to consolidate inflation gains against supporting economic growth.
A sustained downward trajectory may strengthen arguments for a more balanced policy stance, though risks from global commodity price volatility and domestic fiscal pressures persist.
For now, the January reading offers cautious optimism that Nigeria’s inflationary surge over the past year is easing, with price growth showing clearer signs of stabilisation compared to the highs recorded in early 2025.