BREAKING: Again, Nigeria’s Inflation Rate Falls
Nigeria’s headline inflation rate declined further to 15.43% in July 2026, representing a 0.48 percentage-point decrease from the 15.91% recorded in June.
The latest figure was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), which also showed a significant decline from the 24.94% recorded in July 2025.
Despite the decline in the year-on-year inflation rate, the CPI increased to 145.3 points in July from 143.0 points in June, representing a 2.2-point increase during the month.
What the report is saying
On a month-on-month basis, headline inflation stood at 1.57% in July 2026, down from 1.66% in June, indicating that the average price level increased at a slower rate during the month.
The figures indicate that the annual pace of price increases continued to moderate, although prices still increased during the month.
Source: Infometrics
Urban inflation
Urban inflation stood at 16.12% year-on-year in July 2026, while the month-on-month rate declined to 1.90% from 2.13% in June.
The figures show that urban inflation remained above the national headline rate, although the annual rate continued to moderate.
Rural inflation
The rural inflation rate stood at 13.77% year-on-year in July 2026, below the urban rate during the period.
The increase in rural month-on-month inflation contrasts with the decline recorded in the urban measure during the month.
Food inflation
Food inflation stood at 20.31% year-on-year in July 2026, down from 26.20% 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.
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.
Context
In July, global inflation remained elevated amid disruptions linked to the ongoing Iran conflict and restrictions on shipping through the Strait of Hormuz.
Energy prices fell 1.5% in July from the previous month but remained 14.7% higher than in July 2025, reflecting the impact of earlier wartime price increases.
Meanwhile, inflation in Iran surged beyond 88%, amid the economic disruptions associated with the conflict and a naval blockade.