CBN Projects 12.94% Inflation Rate In 2026 On Lower Fuel, Food Prices

The Central Bank of Nigeria (CBN) has projected that Nigeria’s inflation rate will moderate to an average of 12.94 per cent in 2026, driven largely by declining food and fuel prices.

The apex bank disclosed this in its 2026 macroeconomic outlook released on Wednesday, where it also projected that Africa’s most populous country would record economic growth of 4.49 per cent in the year.

According to the CBN, the anticipated growth was anchored on sustained gains from broad-based structural reforms and a gradual easing of the monetary policy stance.

It further noted that headline inflation is expected to ease due to falling food prices and reduced costs of premium motor spirit (PMS), popularly known as petrol.

The outlook comes against the backdrop of recent fuel price reductions across the country, triggered by an ongoing price war in the downstream oil sector.

Notably, the Dangote Refinery slashed its gantry petrol price significantly in a bid to edge out other marketers, resulting in pump prices ranging from about N739 to N910 per litre nationwide.

Meanwhile, data from the National Bureau of Statistics (NBS) showed that Nigeria’s food inflation declined to 11.08 per cent in November 2025.