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 released by the National Bureau of Statistics (NBS) on Monday.
The 0.48 percentage point decline marks a continued moderation in the country’s price levels, with the bureau reporting that the month-on-month inflation rate also eased to 1.57 per cent in July, from 1.66 per cent in the previous month.
“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 stated.
Food Inflation Surges to 20.31%
Despite the overall deceleration, food inflation climbed to 20.31 per cent year-on-year in July, though this remains below the 26.20 per cent recorded in the same month of 2025.
On a month-on-month basis, food inflation rose sharply to 5.56 per cent, up by 1.82 percentage points from June’s 3.75 per cent figure.
The bureau attributed the sustained food price increases to rising costs of staples including rice, water yam, plantain, fresh peppers, onions, tomatoes, garri, beef, eggs, and crayfish.
Regional Disparities
State-by-state analysis revealed significant regional variations in food inflation dynamics.
Adamawa recorded the highest year-on-year food inflation at 51.36 per cent, followed by Katsina (30.84 per cent) and Zamfara (30.65 per cent). Conversely, Borno (-0.31 per cent), Nasarawa (6.88 per cent), and Kebbi (12.50 per cent) posted the slowest annual increases.
On a month-on-month basis, Adamawa again led with a 17.02 per cent rise, alongside Lagos (13.48 per cent) and Borno (13.26 per cent). However, Jigawa (-3.68 per cent), Kebbi (-3.67 per cent), and Bauchi (-1.85 per cent) recorded declines in food prices during the period.
Outlook
While the moderation in headline inflation offers some respite, the persistent acceleration in food prices underscores ongoing pressures on household purchasing power, particularly in northern states where food inflation remains markedly elevated.
Analysts will be watching closely to see whether the downward trend in headline inflation can be sustained, or whether rising food costs will reverse the recent gains.