Nigeria’s inflation rate moderated slightly to 15.10 per cent in January 2026, signalling a marginal cooling in consumer prices compared to the previous month’s 15.15 per cent.
Fresh figures published by the National Bureau of Statistics (NBS) show that price pressures weakened at the start of the year, even though the overall cost of living remains elevated.
According to the agency’s latest Consumer Price Index (CPI) report, the index fell to 127.4 points in January from 131.2 in December.
This represents a 3.8-point drop, indicating that prices rose at a slower pace during the review period.
On a month-on-month basis, inflation recorded a negative growth rate of 2.88 per cent in January.
By contrast, December posted a 0.54 per cent increase. In practical terms, this means average prices did not climb as quickly as they did at the end of 2025.
Food inflation, which has been a major driver of household hardship, also showed signs of easing.
The rate declined to 8.89 per cent in January, down from 10.84 per cent in December.
Analysts say the moderation in food costs may have contributed significantly to the overall slowdown in headline inflation.
An economic analyst who reviewed the figures said the trend suggests “a gradual stabilisation in price movements, although the impact may not yet be strongly felt by households.”
Moreover, the data highlights a broader pattern of disinflation, a slowdown in the rate at which prices are rising, rather than an outright drop in prices.
“Disinflation does not mean goods are becoming cheaper,” another market observer said. “It simply indicates that the pace of increase has reduced.”
However, despite the statistical improvement, many Nigerians continue to report persistent financial strain.
Traders and consumers across major cities say essential commodities remain costly, particularly transport, food items and energy.
Furthermore, economists caution that sustained policy consistency will be required to keep inflation on a downward path.
Monetary tightening and supply-side interventions, they argue, must work in tandem to deliver lasting relief.
The latest data comes after inflation edged up to 15.15 per cent in December 2025.
Although January’s figures show a slight retreat, experts maintain that broader structural reforms will determine whether the slowdown becomes a sustained trend.
For now, the moderation offers cautious optimism.
Yet for millions of households, the immediate concern remains whether lower inflation rates will soon translate into tangible reductions in everyday expenses.