Nigeria’s headline inflation rate dropped to 15.10 per cent in January 2026, reflecting a slowdown in the rising cost of goods and services across the country, the National Bureau of Statistics has said.
The figure, contained in the latest Consumer Price Index report released by the NBS, represents a decline compared to previous months, indicating easing price pressures in Africa’s largest economy.
According to the bureau, the moderation in inflation was largely driven by a sharp decline in food prices, which had been the major contributor to inflationary pressures over the past year.
The NBS stated that food inflation recorded a significant drop in January, reflecting improved supply conditions and relative stability in staple commodities.
It noted that prices of key food items recorded noticeable decreases during the period under review.
Analysts attributed the easing in food prices to improved harvest yields, enhanced distribution channels and relative stability in transportation costs.
The report also showed a moderation in core inflation, which excludes volatile agricultural produce and energy prices, suggesting that underlying price pressures in sectors such as housing, transportation, healthcare and education are gradually stabilising.
The development is expected to provide some relief to households and businesses that have struggled with rising costs over the past year.
The decline in inflation is projected to boost consumer purchasing power and support economic recovery efforts, particularly as lower food prices may ease financial strain on low- and middle-income earners, for whom food accounts for a significant portion of monthly expenditure.
Business operators are also expected to benefit from reduced input costs, which could help stabilise prices of goods and services in the coming months.
Economic observers said the downward trend in inflation may influence upcoming monetary policy decisions of the Central Bank of Nigeria, especially with regard to interest rates and liquidity management.
However, analysts cautioned that sustained coordination between fiscal and monetary authorities would be crucial to maintaining price stability.
The NBS said it would continue to monitor price movements nationwide and provide monthly updates on inflation trends.
Stakeholders expressed hope that the downward trajectory would be sustained in the months ahead, offering relief to millions of Nigerians grappling with the high cost of living.
