Manny Ita –
Nigeria’s food inflation rate dropped sharply to 8.89 percent year-on-year in January 2026, marking the first single-digit reading in more than a decade and the lowest level recorded in over 14 years, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).
The figure represents a dramatic decline from 29.63 percent recorded in January 2025, amounting to a year-on-year drop of more than 20 percentage points and signaling a sustained easing in the cost of essential food items across the country.
Analysts note that this is the first time food inflation has fallen below 10 percent since May 2015, ending a prolonged stretch of 128 consecutive months in double digits. The January reading is also the lowest since August 2011, underscoring the scale of the reversal after years of severe price pressures on households.
The NBS attributed the slowdown largely to declining prices of staple commodities, including water yam, eggs, green peas, groundnut oil, soya beans, palm oil, maize grains, beans, guinea corn, cassava, beef and other widely consumed items.
On a month-to-month basis, food prices fell by 6.02 percent in January, a sharp improvement from the marginal decline recorded in December, indicating that average food costs actually dropped during the month rather than merely rising at a slower pace.
Food inflation, which accounts for a substantial share of Nigeria’s consumer spending, has been the primary driver of overall inflation in recent years. Its moderation therefore played a central role in pulling headline inflation down to 15.10 percent in January, extending a broader disinflation trend.
Despite the relief suggested by the figures, economists caution that the statistical improvement may not immediately translate into lower living costs for households, especially after years of cumulative price increases. Some farmers also express concern that sustained price declines could reduce income and discourage agricultural production if not matched by productivity gains and market support.
Nevertheless, the data signals a significant turning point in Nigeria’s inflation trajectory after a prolonged period of food-driven hardship, offering cautious optimism that the worst phase of price escalation may be easing even as broader economic challenges persist.
