Nigeria CPI Report: January 2026 - Inflation Eases to 15.10%
The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) report for January 2026. Here's a breakdown of the key numbers.
Headline Overview
| Indicator | Jan 2025 | Jan 2026 | Change (pp) |
|---|
| Headline Inflation (YoY) | 27.61% | 15.10% | -12.51 |
| CPI Index Level (points) | 110.7 | 127.4 | +16.7 |
| Month-on-Month Inflation | — | -2.88% | — |
Key takeaway: Headline inflation has now declined for 10 consecutive months, falling sharply from 27.61% in January 2025 to 15.10% — largely driven by the NBS rebasing exercise (new 2024 base year, 2023 weight reference).
Key Sector Inflation (Year-on-Year)
| Sector | Jan 2025 | Jan 2026 | Change (pp) |
|---|
| Food & Non-Alcoholic Beverages | 26.08% | 8.89% | -17.19 ⬇️ |
| Core Inflation (excl. agric & energy) | 23.59% | 17.72% | -5.87 ⬇️ |
| Recreation & Culture | 12.12% | 1.52% | -10.60 ⬇️ |
| Clothing & Footwear | 13.16% | 10.91% | -2.25 ⬇️ |
| Alcoholic Beverages & Tobacco | 14.98% | 13.62% | -1.36 ⬇️ |
| Health | 20.09% | 30.35% | +10.26 🔴 |
| Education | 16.36% | 22.48% | +6.12 🔴 |
🔴 Health and Education are the two major sectors where inflation accelerated year-on-year. Health inflation surged to 30.35%, driven by rising import costs for pharmaceuticals and exchange rate effects on medical equipment.
⬇️ Food inflation dropped to single digits (8.89%) for the first time since May 2015, thanks to improved harvests and supply stability.
Additional Context
Methodology change: The CPI now uses a 12-month 2024 average as the reference (100), replacing the old 2009 base year. This significantly affects year-on-year comparisons.
External reserves rose to $46.8bn as of early February 2026 — the highest level in eight years.
Naira appreciated modestly to around ₦1,385/$.
Analysts expect the CBN's Monetary Policy Committee may cut the policy rate by up to 100bps at its February 2026 meeting.
Source: National Bureau of Statistics (NBS), CPI Report — January 2026
