CBN Forecasts 12.94% Inflation In 2026 Amid Declining Food And Fuel Prices

The Central Bank of Nigeria (CBN) has projected that the nation’s inflation rate will ease to 12.94 percent in 2026, driven primarily by falling food and fuel prices. This projection was outlined in the bank’s 2026 Macroeconomic Outlook, released recently.

According to the CBN, Nigeria is also expected to achieve a 4.49 percent economic growth during the year, supported by ongoing structural reforms and a gradual relaxation of monetary policy measures. The bank emphasized that consistent policy implementation and improvements across key economic sectors would enhance productivity and overall economic performance.

“Headline inflation is projected to moderate to an estimated average of 12.94 percent in 2026, driven by declining food and premium motor spirit prices,” the CBN stated.

Recent reductions in petrol prices across the country further support this outlook. The drop follows aggressive pricing strategies in the oil downstream sector, including a notable price cut by Dangote Refinery, which has resulted in petrol prices ranging from ₦739 to ₦910 per litre nationwide.

Additionally, the National Bureau of Statistics reported that Nigeria’s food inflation declined to 11.08 percent in November 2025, reinforcing expectations of price stability and improved purchasing power as the economy enters 2026.