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. source: National Bureau of Statistics, Nigeria

Inflation Rate in Nigeria decreased to 15.10 percent in January from 15.15 percent in December of 2025. Inflation Rate in Nigeria averaged 14.27 percent from 1996 until 2026, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000. This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2026.

Inflation Rate in Nigeria decreased to 15.10 percent in January from 15.15 percent in December of 2025. Inflation Rate in Nigeria is expected to be 14.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Inflation Rate is projected to trend around 12.00 percent in 2027 and 11.70 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-15 03:00 PM
Inflation Rate YoY
Dec 15.15% 17.33% 12.0%
2026-02-16 01:00 PM
Inflation Rate YoY
Jan 15.1% 15.15% 13.3%
2026-03-16 12:00 PM
Inflation Rate YoY
Feb 15.1% 14.7%


Related Last Previous Unit Reference
Consumer Price Index CPI 127.40 131.20 points Jan 2026
Core Consumer Prices 130.60 132.80 points Jan 2026
Core Inflation Rate 17.72 18.63 percent Jan 2026
CPI Housing Utilities 131.90 131.20 points Jan 2026
CPI Transportation 132.50 133.90 points Jan 2026
Food Inflation YoY 8.89 10.84 percent Jan 2026
GDP Deflator 199.15 196.73 points Sep 2025
Inflation Rate YoY 15.10 15.15 percent Jan 2026
Inflation Rate MoM 0.54 1.20 percent Dec 2025


Nigeria Inflation Rate
In Nigeria, the Consumer Price Index (CPI) measures the change over time in prices of 740 goods and services consumed by people for day-to-day living. The index weights are based on expenditures of both urban and rural households in the 36 states. The most important categories in the CPI are: Food & Non-alcoholic Beverages (52% of the total weight), Housing, Water, Electricity, Gas & Other Fuel (17%), Clothing & Footwear (8%). Transports account for 7% and Furnishings & Household Equipment Maintenance for 5%. Others include: Education (4%); Health (3%); Miscellaneous Goods and Services (2%); Restaurants and Hotels (1%); Alcoholic Beverages, Tobacco & Kola (1%); Recreation & Culture (1%); and Communications (1%).
Actual Previous Highest Lowest Dates Unit Frequency
15.10 15.15 47.56 -2.49 1996 - 2026 percent Monthly
2024=100

News Stream
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.
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.
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.
2025-12-15