[UPDATED] Nigeria’s Inflation Rate Drops To 15.10%

Nigeria’s headline inflation eased slightly to 15.1 per cent in January 2026, down from 15.15 per cent in December 2025, the National Bureau of Statistics (NBS) said on Monday.

READ ALSO: Nigeria’s Inflation Cools, Food Prices Finally Ease

At the previous release, the NBS adopted a revamped methodology that it said better reflects real-world prices.

The NBS data comes ahead of the Monetary Policy Committee meeting of the Central Bank of Nigeria, expected to be held between February 23 and 24, 2026.

The statistics office noted in its report that January’s headline inflation rate declined by 0.05 percentage points when compared to December 2025.

On a year-on-year basis, inflation fell by 12.51 percentage points from the 27.61 per cent posted in the corresponding period of last year.

Month-on-month, headline inflation stood at 2.88 per cent, down from 0.54 per cent in December 2025, indicating a slower rise in average price levels.

Food inflation, which accounts for the largest share of household spending, recorded a sharp decline in January.

On a year-on-year basis, food inflation dropped to 8.89 per cent, down 20.73 percentage points from 29.63 per cent in January 2025.

Month-on-month, food inflation fell to 6.02 per cent, compared to 0.36 per cent in December 2025.

The NBS attributed the reduction to falling prices of key food items including Water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize, guinea corn, beans, beef, melon (egusi), cassava tubers, and cowpeas (White) among others.

The 12-month average food inflation rate eased to 20.29 per cent in January 2026 from 38.47 per cent a year earlier.

The average annual rate of Food inflation for the 12 months ending January 2026 eased to eased to 20.29 per cent, which is 18.18 per cent points lower than the 38.47 per cent posted last year.

Core inflation, which excludes volatile agricultural produces and energy, stood at 17.72 per cent on an annaualised basis in January 2026, down from 25.27 per cent in January 2025.

Month-on-month, core inflation saw a reduction to 1.69 per cent, compared to 0.58 per cent in December 2025.

The 12-month average core inflation rate eased to 22.84 per cent from 27.24 per cent recorded in January 2025.

Urban inflation fell to 15.36 per cent year on year in the period under review, from 29.45 per cent in January 2025, while month-on-month inflation to 2.72 per cent.

The 12-month average urban inflation rate, however, rose to 22.30 per cent.

In rural areas, inflation stood at 14.44 per cent year on year, down from 25.04 per cent a year earlier.

Month-on-month, rural inflation declined to 3.29 per cent, while the 12-month average fell to 21.03 per cent from 30.79 per cent in January 2025.