Nigeria’s Inflation rate Eases to 15.43% in July 2026
Nigeria’s headline inflation rate dropped to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June.
Latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) has said.
The July figure also represents a significant decline from the 24.94 per cent recorded in July 2025, following the recent rebasing of the CPI to a 2024 base year and a 2023 weight reference period.
The NBS said the CPI rose to 145.3 points in July, representing a 2.2-point increase from the preceding month.
On a month-on-month basis, headline inflation stood at 1.57 per cent in July, 0.09 percentage points lower than the 1.66 per cent recorded in June.
Despite the moderation in headline inflation, food prices continued to exert significant pressure on households, with food inflation rising to 20.31 per cent year-on-year in July, although lower than the 26.20 per cent recorded in July 2025.
More concerning was the month-on-month movement in food prices. Food inflation rose to 5.56 per cent in July from 3.75 per cent in June, representing an increase of 1.82 percentage points.
The apex statistical agency attributed the increase to changes in the average prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
It further attributed the increase to changes in the average prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
Food and non-alcoholic beverages remained the largest contributor to headline inflation at 6.18 per cent, followed by restaurants and accommodation services at 1.99 per cent and transport at 1.64 per cent.
By contrast, recreation, sport and culture contributed 0.05 per cent, alcoholic beverages, tobacco and narcotics 0.06 per cent, while insurance and financial services contributed 0.07 per cent.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 14.97 per cent year-on-year in July, while the month-on-month rate fell sharply to 0.15 per cent from 1.66 per cent in June.
Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS).
Geographic Reference
The July figure also represents a significant decline from the 24.94 per cent recorded in July 2025, following the recent rebasing of the CPI to a 2024 base year and a 2023 weight reference period.The NBS said the CPI rose to 145.3 points in July, representing a 2.2-point increase from the preceding month.
On a month-on-month basis, headline inflation stood at 1.57 per cent in July, 0.09 percentage points lower than the 1.66 per cent recorded in June.
Despite the moderation in headline inflation, food prices continued to exert significant pressure on households, with food inflation rising to 20.31 per cent year-on-year in July, although lower than the 26.20 per cent recorded in July 2025.
More concerning was the month-on-month movement in food prices. Food inflation rose to 5.56 per cent in July from 3.75 per cent in June, representing an increase of 1.82 percentage points.
The NBS attributed the increase to changes in the average prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
Food and non-alcoholic beverages remained the largest contributor to headline inflation at 6.18 per cent, followed by restaurants and accommodation services at 1.99 per cent and transport at 1.64 per cent.
By contrast, recreation, sport and culture contributed 0.05 per cent, alcoholic beverages, tobacco and narcotics 0.06 per cent, while insurance and financial services contributed 0.07 per cent.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 14.97 per cent year-on-year in July, while the month-on-month rate fell sharply to 0.15 per cent from 1.66 per cent in June.
The newly introduced CPI sub-indices showed that farm produce recorded a monthly inflation rate of 4.66 per cent in July, while energy prices declined by 2.39 per cent. Services recorded 0.49 per cent, goods 1.70 per cent and imported food 1.19 per cent.
On a year-on-year basis, farm produce recorded 19.62 per cent inflation, energy 4.40 per cent, services 16 per cent, goods 15.33 per cent and imported food 13.24 per cent.
The data also showed significant disparities between urban and rural areas. Urban inflation stood at 16.12 per cent year-on-year in July, compared with 13.77 per cent in rural areas.
Month-on-month urban inflation declined to 1.90 per cent from 2.13 per cent in June, while rural inflation increased to 0.78 per cent from 0.52 per cent.
At the state level, Adamawa recorded the highest year-on-year all-items inflation at 33.03 per cent, followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent.Nasarawa recorded the lowest year-on-year headline inflation at 7.86 per cent, followed by Kebbi and Borno, both at 9.12 per cent.
