Nigeria’s annual inflation rate edged down to 15.10% in January from 15.15% in December, according to figures released on Monday by the National Bureau of Statistics, marking the tenth consecutive month of decline, reported by Reuters.
The latest data comes just before the Central Bank of Nigeria is due to announce its first monetary policy decision of 2026 next week.
The continued slowdown in inflation could strengthen expectations that the central bank may consider cutting interest rates.
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During the previous data release, the statistics office introduced a revised methodology, saying it offers a more accurate reflection of real-world prices.
The updated approach uses a 12-month reference period, with the average Consumer Price Index (CPI) for the 12 months of 2024 set at 100.
Previously, the agency relied on a single-month reference period, with December 2024 fixed at 100.
Food inflation, which plays a significant role in driving the overall inflation rate, slowed to 8.89% year-on-year in January from 10.84% in December, the NBS reported on Monday.
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Image Credit: The Guardian
