Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, down from 15.91 per cent in June, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The latest figure represents a 0.48 percentage-point decline from the previous month. It also shows a significant drop from the 24.94 per cent recorded in July 2025.
The NBS said the headline inflation rate stood at 1.57 per cent month-on-month in July.
This was lower than the 1.66 per cent recorded in June, showing that the pace at which average prices increased slowed during the month.
The decline in headline inflation suggests some moderation in overall price pressures in the Nigerian economy.
However, the figures also show that food prices remained a major concern for consumers.
While headline inflation declined, food inflation increased to 20.31 per cent year-on-year in July 2026.
This was higher than the 17.52 per cent recorded in June.
On a month-on-month basis, food inflation rose to 5.56 per cent in July, compared with 3.75 per cent in June. The NBS linked the increase to changes in the prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, tomatoes, garri, plantain, beef and eggs.
The figures mean that although the overall inflation rate slowed, Nigerians continued to face strong pressure from rising food prices.
Core inflation, which excludes volatile agricultural products and energy prices, stood at 14.97 per cent year-on-year in July.
The rate was lower than the 23.95 per cent recorded in July 2025.
On a month-on-month basis, core inflation was 0.15 per cent, down from 1.66 per cent in June.
The latest NBS figures therefore present a mixed picture: headline inflation and core inflation moderated, while food inflation accelerated.
For households, the continued rise in food prices remains a major challenge despite the broader decline in the headline inflation rate.
