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) report by the National Bureau of Statistics (NBS). Nigerianscholarship listings
The latest figure represents a 0.48 percentage-point decline in headline inflation between June and July.
It also marks a significant drop compared with the 24.94 per cent recorded in July 2025.
In July 2026, the Headline inflation rate stood at 15.43 percent,” the NBS stated in a post on X.
“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57%.”
However, the decline in the headline rate does not mean prices fell across the board.
The CPI, which measures changes in the average prices of goods and services consumed by households, increased to 145.3 points in July, from 143.0 points in June. This represents a 2.2-point increase during the month.
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Food prices also remained a major source of pressure on households, with food inflation recorded at 5.56 per cent month-on-month in July.
“The Food inflation rate in July 2026 was 5.56 percent on a month-on-month basis,” the NBS said.
The figures suggest that while the overall pace of price increases has slowed, consumers may still be facing higher costs, particularly for food and other essential items.
The continued increase in the CPI also highlights the difference between disinflation and falling prices. A lower inflation rate means prices are rising more slowly; it does not necessarily mean that the prices of goods and services have returned to previous levels.
Some analysts say persistent food price pressures could continue to weigh on household purchasing power and living costs
Food inflation
Food inflation stood at 20.31% year-on-year in July 2026, down from 26.20% recorded in July 2025.
On a month-on-month basis, however, food inflation increased to 5.56% in July from 3.75% in June, representing a 1.82 percentage-point increase.
The increase was attributed to changes in the average prices of crayfish, fresh pepper, fresh onions, carrots, rice and water yam.
Other products cited included fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
The average annual food inflation rate for the 12 months ending July 2026 stood at 16.06%.
This was 14.79 percentage points lower than the 30.85% recorded in July 2025.
The figures show that while annual food inflation continued to moderate, food prices recorded a faster monthly increase in July.
Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 14.97% year-on-year in July 2026.
The rate was lower than the 23.95% recorded in July 2025, while the month-on-month core inflation rate declined to 0.15% from 1.66% in June.
The 12-month average core inflation rate stood at 18.09% for the period ending July 2026, down 8.47 percentage points from the 26.56% recorded in July 2025.
Overall, the latest CPI figures show continued moderation in Nigeria’s annual headline, food and core inflation rates, although the monthly increase in food prices points to continued pressure in some food categories.
