Nigeria’s Inflation Rate Drops

Nigeria’s annual headline inflation rate fell to 15.43% in July 2026, down from the 15.91% recorded in June.

The figures were published on Monday in the latest Consumer Price Index (CPI) report released by the NBS. This marks a notable 0.48 percentage-point decline month-on-month, signaling a continued moderation in the pace of price increases.

Key Economic Indicators

Headline inflation dropped from 5.91% in June to 15.43% in July, while month-on-month inflation also came down from 1.66% in June to 1.57% in July.

Core inflation also reflected on positive territory, easing from 15.92% in June to 14.97% in July.

However, food inflation, the most important indicator for most Nigerians, rose to 20.31% year-on-year from 17.52%.

Non-Food Inflation Figures

In the non food sectors, transportation acounted for the most part to headline inflation at 1.64%, fueled by the high cost of domestic energy cost and global logistical pressure.

Accommodation and restaurant services were the second-largest core contributor at 1.99%, while clothing and footwear rose slightly to 6.39%.