Nigeria’s Inflation Rate Falls To 15.43% In July, NBS Reports

Nigeria’s Inflation Rate Falls to 15.43% in July, NBS Reports

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 released by the National Bureau of Statistics NBS

The latest figure represents a 0.48 percentage-point decline from June and marks a continued moderation in headline inflation. Compared with July 2025, when inflation stood at 24.94 per cent, the latest rate is 9.51 percentage points lower. On a month-on-month basis, inflation stood at 1.57 per cent in July, compared with 1.66 per cent in June. This means that consumer prices continued to rise during the month, but at a slightly slower pace than in the previous month. However, the headline improvement masks renewed pressure from food prices. Food inflation climbed to 20.31 per cent year-on-year in July, up sharply from 17.52 per cent in June. The increase was linked to higher average prices of several food items, including rice, fresh pepper, onions, tomatoes, garri, beef, eggs and other staples.

Core inflation, which excludes volatile agricultural produce and energy, stood at 14.97 per cent year-on-year in July. The NBS also reported that the Consumer Price Index rose from 143.0 points in June to 145.3 points in July, underscoring an important distinction: while the rate at which prices are increasing has slowed, the overall price level itself continued to rise. The latest data therefore presents a mixed picture for Nigerian households. The moderation in headline inflation suggests that broad price pressures are easing, but the sharp rise in food inflation means that the cost of everyday essentials remains a major concern. For policymakers, the figures highlight the challenge of sustaining the downward trend in overall inflation while tackling persistent food-price pressures that continue to affect household purchasing power.