Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, representing a 0.48 percentage-point decline from the 15.91 per cent recorded in June, according to the National Bureau of Statistics, NBS.
The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for July 2026, released in Abuja on Monday, which showed that headline inflation stood at 1.57 per cent month-on-month in July, down from 1.66 per cent in June, indicating a slower increase in the average price level during the month.
On a year-on-year basis, the July headline inflation rate of 15.43 per cent was significantly lower than the 24.94 per cent recorded in July 2025.
According to the NBS, the three major contributors to headline inflation on a year-on-year basis were food and non-alcoholic beverages, which accounted for 6.18 per cent; restaurants and accommodation services, 1.99 per cent; and transport, 1.64 per cent.
The least contributors were recreation, sports and culture at 0.05 per cent; alcoholic beverages, tobacco and narcotics at 0.06 per cent; and insurance and financial services at 0.07 per cent.
The statistical agency also reported that Nigeria’s Consumer Price Index increased to 145.3 points in July, compared with 143.0 points in June, representing a 2.2-point increase.
Despite the decline in headline inflation, food prices remained a major source of pressure on households. The NBS said food inflation stood at 20.31 per cent year-on-year in July, compared with 26.20 per cent in June 2025.
On a month-on-month basis, however, food inflation increased to 5.56 per cent in July, compared with 3.75 per cent in June.
The agency attributed the increase to changes in the average prices of commodities including crayfish, fresh pepper, onions, carrots, rice, water yam, fresh tomatoes, Garri, plantain, beef, eggs, guinea corn, ginger and plantain flour, among others.
The report showed that all-items less farm produce and energy, otherwise known as core inflation, stood at 14.97 per cent year-on-year in July.
This represented a decline from the 23.95 per cent recorded in July 2025. On a month-on-month basis, core inflation stood at 0.15 per cent in July, compared with 1.66 per cent in June.
The NBS said the decline reflected a slower increase in the prices of goods and services captured under the core inflation measure.
Also Read: Nigeria’s inflation eases to 15.91% in June
The inflation sub-indices also showed varying movements during the month. Energy inflation stood at -2.39 per cent month-on-month in July, compared with -7.54 per cent in June.
Farm produce recorded a month-on-month rate of 4.66 per cent, up from 4.42 per cent in June, while services stood at 0.49 per cent, down from 1.60 per cent.
Goods inflation declined to 1.70 per cent from 1.94 per cent in June, while imported food inflation fell to 1.19 per cent from 1.73 per cent.
The NBS report also showed a difference between inflation rates in urban and rural areas. Urban inflation stood at 16.12 per cent year-on-year in July, while its month-on-month rate was 1.90 per cent. The monthly urban inflation rate declined from 2.13 per cent recorded in June.
In rural areas, inflation stood at 13.77 per cent year-on-year, while the month-on-month rate increased to 0.78 per cent from 0.52 per cent in June.
At the state level, Adamawa recorded the highest year-on-year headline inflation rate at 33.03 per cent in July. It was followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent.
The lowest year-on-year headline inflation rate was recorded in Nasarawa at 7.86 per cent, followed by Kebbi and Borno at 9.12 per cent each.
On a month-on-month basis, Adamawa also recorded the highest inflation rate at 12.48 per cent, followed by Anambra at 9.95 per cent and Delta at 9.54 per cent.
Meanwhile, Niger recorded the largest month-on-month decline at -5.86 per cent, followed by Enugu at -5.71 per cent and Kebbi at -4.89 per cent.
Adamawa also recorded the highest year-on-year food inflation at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.
Borno recorded the lowest year-on-year food inflation at -0.31 per cent, followed by Nasarawa at 6.88 per cent and Kebbi at 12.50 per cent.
On a month-on-month basis, food inflation was highest in Adamawa at 17.02 per cent, followed by Lagos at 13.48 per cent and Borno at 13.26 per cent.
The NBS said Jigawa, Kebbi and Bauchi recorded declines in food inflation month-on-month, at -3.68 per cent, -3.67 per cent and -1.85 per cent respectively.
The July figures indicate a further moderation in Nigeria’s headline inflation compared with both the previous month and the corresponding period in 2025. However, the increase in month-on-month food inflation highlights the continued pressure from food prices on households despite the broader decline in the headline rate.
NAN
