FX.co ★ Nigeria’s Inflation Eases Marginally in January, CPI Slips to 15.10% YoY

Nigeria’s consumer price inflation eased slightly at the start of 2026, with the Year-over-Year Consumer Price Index (CPI) reading for January coming in at 15.10%, down from 15.15% recorded in December 2025. The data, updated on 16 February 2026, indicate a modest slowdown in price growth rather than a decisive shift in inflation dynamics.

Both the current and previous readings are measured against the same month a year earlier, meaning January 2026 inflation is compared with January of the prior year, while the December 2025 figure was compared with December a year earlier. The marginal 0.05 percentage point decline suggests that, although upward price pressures remain elevated, the pace of increase may be stabilizing.

For policymakers and markets, the latest figure will likely be interpreted as a tentative sign of easing inflation, but not yet enough to substantially alter expectations around monetary or fiscal responses. Investors and businesses will be watching upcoming releases closely to see whether January’s moderation marks the start of a more sustained disinflation trend or just a temporary pause in price acceleration.