Inflation Falls To 15.43% As Food Prices Rise Faster

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

The July figure also represents a sharp decline from the 24.94 percent recorded in the corresponding period of 2025, indicating that the annual pace of price increases continued to moderate.

However, the report showed that food prices came under renewed pressure during the month, with food inflation rising to 5.56 percent month-on-month in July from 3.75 percent in June.

The increase was attributed to changes in the average prices of commodities including crayfish, fresh pepper, fresh onions, carrots, rice and water yam. Other affected items included fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.

On a month-on-month basis, headline inflation declined to 1.57 per cent in July from 1.66 per cent in June, showing that the average price level increased at a slower pace during the month.

Despite the moderation in the annual rate, the CPI increased to 145.3 points in July from 143.0 points in June, representing a 2.2-point rise during the month.

Urban inflation remained higher than the national headline rate, standing at 16.12 percent year-on-year in July. Its month-on-month rate, however, declined to 1.90 percent from 2.13 percent in June.

The 12-month average urban inflation rate stood at 16.81 per cent, which was 13.93 percentage points lower than the 30.74 percent recorded in July 2025.

In the rural areas, inflation stood at 13.77 percent year-on-year in July, but monthly inflation increased to 0.78 percent from 0.52 percent in June.

The 12-month average rural inflation rate was 16.72 per cent, representing a 10.33 percentage-point decline from the 27.05 percent recorded in July 2025.

Food inflation stood at 20.31 per cent year-on-year in July, down from 26.20 percent a year earlier. Its 12-month average was 16.06 percent, 14.79 percentage points below the 30.85 percent recorded in July 2025.

Core inflation, which excludes volatile agricultural produce and energy prices, also moderated to 14.97 per cent year-on-year in July from 23.95 per cent in July 2025. Its month-on-month rate fell to 0.15 per cent from 1.66 per cent in June.

The 12-month average core inflation rate stood at 18.09 per cent for the period ending July 2026, down 8.47 percentage points from 26.56 per cent recorded a year earlier.