ABUJA, Feb 17 – Nigeria’s annual inflation rate slowed to 15.10% in January from 15.15% in December, according to data released by the National Bureau of Statistics on Monday. The latest figure marks the tenth consecutive monthly decline in headline inflation.
The moderation comes days before the Central Bank of Nigeria is scheduled to hold its first monetary policy meeting of 2026. The inflation trend may influence the bank’s decision on interest rates when it announces its policy outcome next week.
The National Bureau of Statistics recently revised its methodology for calculating inflation with the agency saying the new approach better reflects prevailing price conditions. Under the updated system, the bureau now uses a 12 month reference period as it equates the average Consumer Price Index for the 12 months of 2024 to 100, while previously, it relied on a single month reference period, with December 2024 set to 100.
Food inflation, which remains a key component of the headline rate, also declined. The year on year food inflation rate stood at 8.89 percent in January, down from 10.84 percent recorded in December, the statistics office said.
The continued easing in price growth suggests a gradual stabilization in consumer prices after sustained inflationary pressures in recent years. However, price levels remain elevated compared with historical averages.
The Central Bank of Nigeria has maintained a tight monetary stance in recent months in response to inflationary risks. The upcoming meeting will provide further direction on the bank’s policy outlook as it assesses domestic price trends and broader economic conditions.
