Nigeria food inflation drops to 8.89% in January 2026, the lowest in 14 years, easing cost pressures and signalling improved price stability

Nigeria’s food inflation rate fell to 8.89 per cent in January 2026, marking the lowest level in over 14 years, the National Bureau of Statistics (NBS) reported on Tuesday, February 17, 2026.

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Headline inflation also eased marginally to 15.10 per cent from 15.15 per cent in December 2025, defying earlier projections of a rise to 19 per cent.

The NBS attributed the slowdown in food price increases to reductions in the average costs of staples including water yams, eggs, green peas, groundnut oil, soya beans, palm oil, maize grains, guinea corn, beans, beef, melon, and cassava tubers.

The data shows a significant decline from January 2025, when food inflation stood at 29.63 per cent.

On a month-on-month basis, food inflation contracted by 6.02 per cent, compared with a 0.36 per cent decline in December 2025. Urban food prices fell by 2.72 per cent, while rural areas recorded a 3.29 per cent decline.

The 12-month average for food inflation fell to 20.29 per cent, down from 38.47 per cent a year earlier.

Despite the encouraging figures, members of the Organised Private Sector (OPS) urged caution, noting that high costs of living persist.

Kuti-George, National Vice President of the National Association of Small-Scale Industrialists, credited the moderation to increased agricultural production and a more stable exchange rate.

“The drop is largely due to higher output of key staples and relative currency stability,” he said.

However, Eke Ubiji, Director-General of the National Association of Small and Medium Enterprises, warned that the lower inflation rates had yet to translate into tangible relief for consumers.

“Prices of essential goods remain high. Even carrying N10,000 to the market does not stretch far,” he said, citing gas and rice as examples of continued expense.

State-level data revealed disparities, with Benue recording the highest headline inflation at 22.48 per cent and Ebonyi the lowest at 8.72 per cent.

For food inflation specifically, Kogi led at 19.84 per cent, while Ebonyi, Abia, and Imo recorded the slowest increases.

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The NBS emphasised that the January figures reflected a broad-based easing in price pressures, largely driven by the sharp deceleration in food costs, although elevated 12-month averages still reflect the impact of previous inflation surges between 2022 and 2024.