Nigeria’s headline inflation rate moderated marginally to 15.10% in January 2026, down from 15.15% in December 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The slight decline of 0.05 percentage points signals a continued slowdown in price pressures at the start of the year, following months of easing inflation. On a year-on-year basis, the drop is more pronounced, with the January 2026 rate 12.51 percentage points lower than the 27.61% recorded in January 2025.
January’s outcome defied analysts’ projections, who had expected inflation to remain flat or rise slightly, forecasting a range between 15.15% and 16.25%. Analysts had anticipated ongoing pressures from fuel costs, seasonal supply adjustments, and import-linked goods, despite post-holiday easing in staple food prices.
Economists say the January figures provide an important early signal for first-quarter monetary policy decisions, even as evolving liquidity conditions and supply-side factors continue to shape the trajectory of inflation in Nigeria.
