The transverse momentum (p T ) distribution for inclusive neutral pions in the very forward rapidity region has been measured, with the Large Hadron Collider forward detector (LHCf), in proton-lead collisions at nucleon-nucleon center-of-mass energies of √ s NN = 5.02 TeV at the LHC. The p T spectra obtained in the rapidity range −11.0 < y lab < −8.9 and 0 < p T < 0.6 GeV (in the detector reference frame) show a strong suppression of the production of neutral pions after taking into account ultraperipheral collisions. This leads to a nuclear modification factor value, relative to the interpolated p T spectra in proton-proton collisions at √ s = 5.02 TeV, of about 0.1-0.4. This value is compared with the predictions of several hadronic interaction Monte Carlo simulations.