Inflation Drops To 15.10%

Nigeria’s headline inflation figure dropped to 15.10 percent in the month of January, according to the National Bureau of Statistics (NBS).

The Bureau, in its monthly inflation report, said the Headline inflation rate eased to 15.10%, down from 15.15% in December 2025 and looking at the movement, the January 2026 Headline inflation rate showed a decrease of 0.05% compared to the December 2025 Headline inflation rate.

On a year-on-year basis, it said the inflation rate was 12.51% lower than the rate recorded in January 2025 (27.61%), adding that it showed that the inflation rate (year-on-year basis) decreased in January 2026 compared to the same month in the preceding year (i.e., January 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%). This means that in January 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in December 2025.”

It stated that at the divisional level, the major contributors to the headline inflation were Food and non-alcoholic Beverages: 6.04%, Restaurants & Accommodation Services: 1.95%, and Transport: 1.61%; while the least contributors were Recreation, Sport, and Culture: 0.05%, Alcoholic Beverages, Tobacco, and Narcotics: 0.06%, and Insurance and Financial Services: 0.07.

On food inflation rate, it said the figure was 8.89% on a year-on-year basis but on a month-on-month basis, the food inflation rate in January 2026 was –6.02%, down by -5.66% compared to December 2025 (-0.36%).

“The decrease can be attributed to the rate of decrease in the average prices of water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize (corn) grains, guinea corn, beans, beef meat, melon (egusi) unshelled, cassava tuber, cow peas (white), among others.”

“Core Inflation, which excludes the prices of volatile agricultural produce and energy, stood at 17.72% in January 2026 on a year-on-year basis. On a month-on-month basis, the core inflation rate was -1.69% in January 2026, down by -2.27% compared to December 2025 (0.58%).”