The Centre for the Promotion of Private Enterprise says the country’s food inflation rate, which dropped to 8.89 percent and the headline of 10.10 percent in January 2026 is data-driven as average inflation remains elevated.

CPPE’s Chief Executive Officer, Dr Muda Yusuf disclosed this in a statement on Monday while reacting to the National Bureau of Statistics January Consumer Price Index and inflation data release.

Food inflation dropped to single digits in January 2026 for the first time since 2015, from 29.63 percent in January 2025 and 10.84 percent in December.

NBS said the decline was driven by a drop in the prices of staple foods such as yam, eggs, maize, beans, palm oil, cassava, beef and tomatoes.

Reacting, CPPE Chief said, “The disinflation trend creates room for cautious and gradual monetary easing.

“However, this must remain data-driven given that core inflation and twelve-month average inflation remain elevated.”

“While declining food prices benefit consumers, they also pose risks for farm incomes and rural economic stability,” Yusuf stated.