Nigeria’s Inflation Rate Drops To 15.43% In July ⁩

Nigeria’s headline inflation rate dropped to 15.43 percent in July 2026 from 15.91 percent recorded in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The NBS, in the report released on Monday, said the July headline inflation rate represented a 0.48 percentage-point decrease compared with the rate recorded in June 2026.

The statistics agency also reported a decline in month-on-month headline inflation, which stood at 1.57 percent in July compared with 1.66 percent in June.

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“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026,” the NBS said.

Despite the decline in headline inflation, Nigeria’s food inflation rate increased to 20.31 percent year-on-year in July 2026.

According to the NBS, food inflation stood at 26.20 percent in July 2025, indicating a decline on a year-on-year basis.

However, the month-on-month food inflation rate increased significantly to 5.56 percent in July from 3.75 percent in June, representing a rise of 1.82 percentage points.

The NBS attributed the month-on-month increase to changes in the average prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.

The bureau also identified increases in the prices of rice, water yam and plantain as some of the factors contributing to the year-on-year food inflation rate.

The state-level analysis showed significant differences in food inflation across Nigeria in July.

Adamawa recorded the highest year-on-year food inflation rate at 51.36 percent, followed by Katsina at 30.84 percent and Zamfara at 30.65 percent.

On the other hand, Borno recorded the slowest year-on-year food inflation rate at -0.31 percent, followed by Nasarawa at 6.88 percent and Kebbi at 12.50 percent.

On a month-on-month basis, Adamawa also recorded the highest food inflation rate at 17.02 percent, followed by Lagos at 13.48 percent and Borno at 13.26 percent.

The NBS said food inflation declined month-on-month in Jigawa, which recorded -3.68 percent, Kebbi at -3.67 percent and Bauchi at -1.85 percent.