Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June, the National Bureau of Statistics (NBS) has said.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July released in Abuja on Monday.

According to the report, the July headline inflation rate declined by 0.48 percentage points from the June figure.

On a month-on-month basis, inflation stood at 1.57 per cent in July, down from 1.66 per cent in June.

The NBS said the July figure indicated that the average price level increased at a slower rate than in the previous month.

Year-on-year, headline inflation stood at 15.43 per cent in July, compared with 24.94 per cent recorded in July 2025.

The report identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the major contributors to headline inflation during the period.

Food and non-alcoholic beverages accounted for 6.18 per cent, restaurants and accommodation services 1.99 per cent, while transport contributed 1.64 per cent.

The Consumer Price Index (CPI) rose to 145.3 points in July from 143.0 points in June, representing a 2.2-point increase.

Food inflation

The NBS said food inflation stood at 20.31 per cent year-on-year in July, down from 26.20 per cent recorded in June 2025.

However, food inflation increased month-on-month to 5.56 per cent in July from 3.75 per cent in June.

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

Core inflation, which excludes farm produce and energy, stood at 14.97 per cent year-on-year in July, compared with 23.95 per cent in July 2025.

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On a month-on-month basis, core inflation fell to 0.15 per cent in July from 1.66 per cent in June.

State variations

The report showed significant variations in inflation rates across states.

Adamawa recorded the highest year-on-year headline inflation rate at 33.03 per cent, followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent.

Nasarawa recorded the lowest year-on-year headline inflation rate at 7.86 per cent, followed by Kebbi and Borno, both at 9.12 per cent.

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.

Niger recorded the largest decline at -5.86 per cent, followed by Enugu at -5.71 per cent and Kebbi at -4.89 per cent.

Food inflation was highest in Adamawa at 51.36 per cent year-on-year, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.

Borno recorded the lowest year-on-year food inflation rate 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.

Jigawa, Kebbi and Bauchi recorded declines in food inflation at -3.68 per cent, -3.67 per cent and -1.85 per cent respectively. (NAN)