News

Nigeria Inflation Edges Lower to Five-Year Low in February
Nigeria’s annual inflation rate eased slightly to 15.06% in February 2026 from 15.10% in the previous month, marking the lowest level since November 2020 and the 11th consecutive month of declining inflation. However, the pace of disinflation has slowed in the past two months, following a small interest rate cut by the Central Bank of Nigeria, which signaled expectations that inflation will continue to moderate. Despite the overall slowdown, food inflation, traditionally the main driver of headline prices in the country, rose to 12.12% in February from 8.89% in January. The National Bureau of Statistics recently introduced a revised methodology for calculating inflation, shifting to a 12-month reference period instead of relying on a single-month comparison.
Published on 2026-03-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This is a new low since November 2020. Food inflation, the largest component of the inflation basket, continued to decline for the sixth month, reaching 8.89%, down from 10.84% in December.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This is a new low since November 2020. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, down from December's 10.84%, mainly on account of staples like cooking oil, grains and vegetables. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, remained elevated but moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022. On a monthly basis, the CPI fell by 2.88% in January, after a 0.54% rise in the prior month.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This is a new low since November 2020. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, down from December's 10.84%, mainly on account of staples like cooking oil, grains and vegetables. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022, down from 18.63% in the month before.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This marks the lowest level since November 2020, helped by a stronger currency reducing the cost of imports. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, down from December's 10.84%, mainly on account of staples like cooking oil, grains and vegetables. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, remained elevated but moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022. On a monthly basis, the CPI fell by 2.88% in January, after a 0.54% rise in the prior month.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This is a new low since November 2020. Food inflation, the largest component of the inflation basket, continued to decline for the sixth month, reaching 8.89%, down from 10.84% in December. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022, down from 18.63% in the month before.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This marks the lowest level since November 2020, helped by a stronger currency reducing the cost of imports. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, down from December's 10.84%, mainly on account of staples like cooking oil, grains and vegetables. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, remained elevated but moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022. On a monthly basis, the CPI fell by 2.88% in January, after a 0.54% rise in the prior month.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This marks the lowest level since November 2020, partly due to a stronger currency reducing the cost of imports. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, mainly on account of staples like cooking oil, grains and vegetables amid ample supply. Prices also slowed for other CPI items such as recreation & culture (1.52% vs 12.12%); clothing & footwear (10.91% vs 13.16%) and alcoholic beverages & tobacco (13.62% vs 14.98%), but climbed for education (22.48% vs 16.36%). The core inflation rate, which strips out the volatile prices of agricultural produce and energy, remained elevated but moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022. On a monthly basis, the CPI fell by 2.88% in January, after a 0.54% rise in the prior month.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This is a new low since November 2020. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, down from December's 10.84%, mainly on account of staples like cooking oil, grains and vegetables. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022, down from 18.63% in the month before. On a monthly basis, the CPI fell by 2.88% in January, after a 0.54% rise in the prior month.
Published on 2026-02-16

Nigeria Inflation Rate Keeps Slowing for 10th Month
Nigeria’s annual inflation rate eased slightly to 15.10% in January 2026 from 15.15% in the prior month, marking the tenth consecutive monthly decline. This marks the lowest level since November 2020, partly due to a stronger currency reducing the cost of imports. Food inflation, the largest component of the inflation basket, continued to fall for the sixth month, reaching 8.89%, mainly on account of staples like cooking oil, grains and vegetables amid ample supply. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, remained elevated but moderated for the seventh month to 17.72% in January 2026, the lowest since October 2022. On a monthly basis, the CPI fell by 2.88% in January, after a 0.54% rise in the prior month.
Published on 2026-02-16

Nigeria Inflation Rate at Over 5-Year Low of 15.2%
Nigeria’s annual inflation rate moderated to 15.15% in December 2025, the softest since November 2020, from the revised 17.33% in the prior month, after the statistics office revised its calculation method. The CPI now uses a 12-month 2024 average as the reference (100), instead of December 2024 alone, preventing an artificial spike in year-on-year inflation. Under the previous methodology, the agency had projected inflation would have surged to 31.2% in December. This is coming after it changed the base year from 2009 to 2024 earlier in 2025. Food, the largest category in the inflation basket, eased for the fifth month to 10.84% in December from the revised 14.21% in November. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed for the sixth month to 18.63% in December 2025, down from the revised 20.59% in November. On a monthly basis, consumer prices rose by 0.54%, following a 1.22% increase in the prior month.
Published on 2026-01-15

Nigeria Inflation Rate at Over 5-Year Low
Nigeria’s annual inflation rate moderated to 15.15% in December 2025, the softest since November 2020, from the revised 17.33% in the prior month, after the statistics office revised its calculation method. The CPI now uses a 12-month 2024 average as the reference (100), instead of December 2024 alone, preventing an artificial spike in year-on-year inflation. Under the previous methodology, the agency had projected inflation would have surged to 31.2% in December. This is coming after it changed the base year from 2009 to 2024 earlier in 2025. Food, the largest category in the inflation basket, eased for the fifth month to 10.84% in December from the revised 14.21% in November. On a monthly basis, consumer prices rose by 0.54%, following a 1.22% increase in the prior month.
Published on 2026-01-15

Nigeria Inflation Rate Hits 2020-Lows at 14.45%
Nigeria’s annual inflation rate reached 14.45% in November 2025, the mildest since October 2020, marking the eighth straight month of slowing price growth. Food inflation, the largest component of the inflation basket, continued to decline, hitting 11.08%, down from October's 13.12%, helped by the ongoing strong harvest. Prices also slowed down for other CPI items, including alcoholic beverages & tobacco (14.9% vs 16.1%); clothing & footwear (13.3% vs 15.4%); housing & utilities (17.5% vs 19.1%) and furnishings & household equipment (21.3% vs 23.1%), but accelerated for health (29.7% vs 28.6%) and transportation (16.8% vs 16.5%). The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed for the fifth month to 18% in November, the lowest since February 2023, down from October's 18.7%. On a monthly basis, the CPI rose by 1.22% in November, the most in four months, after a 0.93% increase previously.
Published on 2025-12-15

Nigeria Inflation Rate Hits 2020-Lows at 14.45%
Nigeria’s annual inflation rate eased to 14.45% in November 2025, the mildest since October 2020, marking the eighth straight month of slowing price growth. Food inflation, the largest component of the inflation basket, continued to decline, hitting 11.08%, down from October's 13.12%, helped by the ongoing strong harvest. Prices also slowed down for other CPI items, including alcoholic beverages & tobacco (14.9% vs 16.1%); clothing & footwear (13.3% vs 15.4%); housing & utilities (17.5% vs 19.1%) and furnishings & household equipment (21.3% vs 23.1%), but accelerated for health (29.7% vs 28.6%) and transportation (16.8% vs 16.5%). The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed for the fifth month to 18% in November, the lowest since February 2023, down from October's 18.7%. On a monthly basis, the CPI rose by 1.22% in November, the most in four months, after a 0.93% increase previously.
Published on 2025-12-15

Nigeria Inflation Rate Hits 2020-Lows at 14.45%
Nigeria’s annual inflation rate eased to 14.45% in November 2025, the mildest since October 2020, marking the eighth straight month of slowing price growth. Food inflation, the largest component of the inflation basket, continued to decline, hitting 11.08%, down from October's 13.12%, helped by the ongoing strong harvest. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed for the fifth month to 18% in November, the lowest since February 2023, down from October's 18.7%. On a monthly basis, the CPI rose by 1.22% in November, the most in four months, after a 0.93% increase previously.
Published on 2025-12-15

Nigeria Inflation Rate Hits 2020-Lows at 14.45%
Nigeria’s annual inflation rate eased to 14.45% in November 2025, the mildest since October 2020, marking the eighth straight month of slowing price growth. Food inflation, the largest component of the inflation basket, continued to decline, hitting 11.08%, down from October's 13.12%, helped by the ongoing harvest. On a monthly basis, the CPI rose by 1.22% in November, the most in four months, after a 0.93% increase previously.
Published on 2025-12-15

Nigeria Inflation Rate Falls to Over 3-1/2-Year Low
Nigeria’s annual inflation rate fell further to 16.05% in October 2025, the softest since March 2022, from 18.02% in the prior month. This marked the seventh consecutive month of slowing price growth. Food inflation, the largest component of the inflation basket, recorded another sharp decline to 13.12%, from 16.87% in September, helped by the ongoing harvest and a stronger currency. On a monthly basis, the CPI rose by 0.9% In October, after increasing by 0.7% in the prior month.
Published on 2025-11-17

Nigeria Inflation Rate Drops to Over 3-1/2-Year Low
Nigeria’s annual inflation rate fell further to 16.05% in October 2025, the softest since March 2022, from 18.02% in the prior month. This marked the seventh consecutive month of slowing price growth. Food inflation, the largest component of the inflation basket, recorded another sharp decline to 13.12%, from 16.87% in September, helped by the ongoing harvest and a stronger currency. On a monthly basis, the CPI rose by 0.9% In October, after increasing by 0.7% in the prior month.
Published on 2025-11-17

Nigeria Inflation Rate Drops to Over 3-1/2-Year Low
Nigeria’s annual inflation rate fell further to 16.05% in October 2025, the softest since March 2022, from 18.02% in the prior month. This marked the seventh consecutive month of slowing price growth. Food inflation, the largest component of the inflation basket, recorded another sharp decline to 13.12%, from 16.87% in September, helped by the ongoing harvest and a stronger currency. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed for the fourth month to 18.7% in October, the lowest since February 2023, from 19.5% in September. On a monthly basis, the CPI rose by 0.9% In October, after increasing by 0.7% in the prior month.
Published on 2025-11-17

Nigeria Inflation Rate Lowest Since May 2022
Nigeria’s annual inflation rate eased for the sixth month to 18.02% in September 2025, marking the softest reading since May 2022, mainly supported by foreign exchange stability and the harvest season, alongside base effects linked to the base year change early this year. Food inflation, the largest component of the inflation basket, decelerated to 16.87% in August, from 21.87% previously. The core inflation rate, which strips out the volatile prices of agricultural produce and energy, slowed to 19.53%, down from 20.3% in July.
Published on 2025-10-15