Nigeria’s headline inflation rate fell slightly to 15.10 per cent in January 2026, down from 15.15 per cent in December 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday
The marginal decline came despite earlier forecasts that inflation could surge to 19 per cent in the month. The report showed the CPI fell to 127.4 in January from 131.2 in December, a decrease of 3.8 points.
On a year-on-year basis, headline inflation dropped by 12.51 percentage points compared to 27.61 per cent in January 2025. Month-on-month, inflation fell by 2.88 per cent in January, following a 0.54 per cent increase in December, signaling a decline in average price levels.
The NBS explained: “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, showing a 0.05 percentage point decline.”
The twelve-month average CPI change ending January 2026 was 21.97 per cent, up from 17.59 per cent recorded in January 2025.
Urban and Rural Inflation
Urban inflation eased to 15.36 per cent year-on-year, down from 29.45 per cent in January 2025, while rural inflation stood at 14.44 per cent, down from 25.04 per cent in the same period. Month-on-month, urban and rural inflation declined by 2.72 per cent and 3.29 per cent, respectively.
Food and Core Inflation
Food inflation slowed sharply, standing at 8.89 per cent year-on-year, compared to 29.63 per cent in January 2025. Month-on-month, food prices fell by 6.02 per cent. The slowdown was attributed to lower prices of staples such as 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 produce and energy, declined to 17.72 per cent year-on-year, from 25.27 per cent in January 2025, while month-on-month core inflation fell by 1.69 per cent.
State-Level Inflation Trends
At the state level, Benue recorded the highest year-on-year all-items 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.
For month-on-month movements, Imo and Ondo recorded the largest increases at 1.93 per cent and 1.932 per cent, while Cross River, Ogun, and Kogi posted the sharpest declines at negative 6.34 per cent, negative 6.30 per cent, and negative 6.03 per cent, respectively.
Regarding food inflation, Kogi led with 19.84 per cent year-on-year, followed by Benue (18.38 per cent) and Adamawa (17.29 per cent), while Ebonyi, Abia, and Imo recorded the slowest increases.
The report indicates a continued easing of inflationary pressures, particularly in food prices, suggesting some relief for households after periods of high price growth.
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 report released by the National Bureau of Statistics (NBS) on Monday.){kind=link}