Nigeria Inflation Drops to 15.10% as Food Prices Ease – But Cost of Living Crisis Persists

Nigeria’s inflation rate fell slightly to 15.10% in January 2026, offering a modest reprieve after months of sustained price pressures, according to new data released by the National Bureau of Statistics (NBS).

The latest Consumer Price Index (CPI) report shows a marginal decline from 15.15% recorded in December 2025, signaling a gradual slowdown in the pace of price increases across Africa’s largest economy.

CPI Records Sharp Month-on-Month Slowdown

The NBS disclosed that the CPI declined to 127.4 points in January, down from 131.2 in December — a 3.8-point drop. On a month-on-month basis, headline inflation stood at -2.88%, significantly lower than the 0.54% recorded in December.

“This means that in January 2026, the rate of increase in the average price level was lower than the rate recorded in December 2025,” the statistics agency said in a statement shared on X.

The figures suggest that while prices are still high, the speed at which they are rising has moderated.

Food Inflation Also Eases

Food inflation — a major driver of Nigeria’s cost-of-living crisis — declined to 8.89% in January, compared to 10.84% in the previous month.

The slowdown in food prices may bring cautious optimism to households struggling with rising expenses, particularly for staples and essential goods.

Nigerians Still Feel the Pressure

Despite the marginal drop in inflation, many Nigerians say the cost of living remains burdensome. Prices of transportation, housing, utilities and food items remain significantly elevated compared to previous years.

December’s inflation rate had climbed to 15.15%, reinforcing concerns about persistent economic strain. While January’s data signals disinflation, analysts note that sustained stability over several months will be needed before consumers feel meaningful relief.

The January figures will likely influence monetary policy discussions in the coming weeks as authorities assess the broader economic outlook.