Nigeria’s Headline Inflation Eases To 15.43%, But Food Inflation Surges To 20.31%

Nigeria’s Headline Inflation Eases to 15.43%, but Food Inflation Surges to 20.31% Nigeria’s headline inflation rate eased to 15.43 per cent in July 2026, offering fresh signs of moderation in overall price pressures. However, the relief remains limited for households as food inflation accelerated sharply to 20.31 per cent, according to the latest Consumer Price Index report by the National Bureau of Statistics NBS. The headline figure represents a 0.48 percentage point decline from the 15.91 per cent recorded in June. On a month on-month basis, inflation also slowed marginally to 1.57 per cent in July, from 1.66 per cent in June. The improvement, however, was overshadowed by renewed pressure on food prices. Food inflation rose from 17.52 per cent in June to 20.31 per cent in July, representing a 2.79 percentage-point increase. On a month-on-month basis, food inflation climbed to 5.56 per cent, up from 3.75 per cent in June.

The NBS attributed the rise in food prices to increases in the average prices of commodities including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour. The divergent movement between headline and food inflation highlights the continuing cost-of-living challenge facing Nigerian households. While the overall rate of price increases has slowed, the sharper rise in food prices means consumers are still facing significant pressure on household budgets. Analysts and economic stakeholders have therefore cautioned that declining headline inflation should not be interpreted as an immediate reduction in the cost of living, particularly because food constitutes a major share of household expenditure.

The July figures present a mixed picture for the Nigerian economy: disinflation is gaining ground at the headline level, but the acceleration in food prices continues to undermine household purchasing power.