Nigeria’s headline inflation rate declined slightly to 15.10 percent in January 2026, down from 15.15 percent in December 2025, according to the National Bureau of Statistics.

In its latest report, the agency said the figure represented a 0.05 percentage-point drop month-on-month. On a year-on-year basis, inflation fell sharply from 27.61 percent in January 2025, indicating a 12.51 percentage-point decline.

The bureau also reported a month-on-month inflation rate of -2.88 percent in January, compared to 0.54 percent in December, reflecting slower growth in average prices.

Food and non-alcoholic beverages remained the biggest contributors to inflation at 6.04 percent, followed by restaurants and accommodation services (1.95 percent) and transport (1.61 percent). Recreation, culture, insurance, and financial services recorded the lowest contributions.

Food inflation stood at 8.89 percent year-on-year, while month-on-month food inflation dropped to -6.02 percent, driven by falling prices of items such as eggs, maize, beans, palm oil, cassava, and beef.

Core inflation, which excludes food and energy prices, stood at 17.72 percent year-on-year, while it declined by -1.69 percent on a month-on-month basis.