Nigeria’s Inflation Cools Again Ahead of Rate Decision — Signs of Positive Trend
Nigeria’s Inflation Cools Again Ahead of Rate Decision — Signs of Positive Trend
Nigeria’s inflation eased to 15.1% year-on-year in January, according to data published by the National Bureau of Statistics, surprising expectations and marking another step in the country’s ongoing disinflation path.
The slowdown was driven largely by lower food prices, while core inflation also moderated — giving policymakers more room to consider easing at the upcoming central bank meeting.
What makes this notable is the broader trend:
Just one year earlier, inflation had surged to around 34.8%, ranking among the highest globally, driven by food, energy, and transport costs.
By late 2025, inflation had already been falling for eight straight months, reaching 14.45% in November, showing steady stabilization.
Food inflation has dramatically improved compared with peak levels, helping relieve pressure on households and businesses.
To sustain recent economic reforms, Central Bank Governor Olayemi Cardoso warned that pre-election spending must be controlled to avoid excess liquidity, which could threaten price stability and undo hard-won gains.
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