Nigeria’s food inflation rate dropped to 8.89 per cent year-on-year in January 2026, the lowest level recorded in more than 14 years, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The figure marks the first single-digit reading in 128 months and the lowest since August 2011, when food inflation stood at 8.66 per cent. From June 2015, when the rate rose to 10.04 per cent, food inflation remained in double digits for 128 consecutive months until December 2025.
The NBS attributed the slowdown to reductions in the average prices of water yams, eggs, green peas, groundnut oil, soya beans, palm oil, maize grains, guinea corn, beans, beef, melon, and cassava tubers.
“The food inflation rate in January 2026 was 8.89 per cent on a year-on-year basis. This was 20.73 percentage points lower compared to the rate recorded in January 2025, which was 29.63 per cent,” the bureau stated.
Headline inflation also eased marginally to 15.10 per cent in January 2026 from 15.15 per cent in December 2025, contrary to earlier projections that inflation could climb to 19 per cent. On a year-on-year basis, headline inflation was 12.51 percentage points lower than the 27.61 per cent recorded in January 2025.
The moderation follows a prolonged inflation surge between 2022 and 2024. Food inflation had peaked at 40.87 per cent in June 2024 before gradually easing through 2025 and falling to single digits in January 2026.
Despite the positive data, members of the Organised Private Sector cautioned against undue excitement. The National Vice President of the National Association of Small-Scale Industrialists, Kuti-George, attributed the moderation to increased agricultural production and exchange rate stability.
“The economy recorded this marginal drop due to an increase in the production of goods and industrial outposts, especially rice and cassava production,” he said.
However, the Director-General of the National Association of Small and Medium Enterprises, Eke Ubiji, maintained that the lower inflation rate had not translated into relief for consumers. “Cost of living is very, very high. The evidence on the ground does not justify what is being put forward to the masses. Even if you carry N10,000 to the market, what are you going to buy?” Ubiji questioned.
He warned the government against celebrating too early, noting that while the pace of price increases may have slowed, both food and non-food items remain expensive and vulnerable to further hikes.
