Nigeria’s headline inflation rate declined to 15.43 per cent in July, according to the National Bureau of Statistics. The figure was contained in the Consumer Price Index and Inflation Report for July, released in Abuja on Monday.
On a month-on-month basis, headline inflation stood at 1.57 per cent in July, 0.09 percentage point lower than the 1.66 per cent recorded in June. The bureau said this indicated that the rate of increase in the average price level was slower in July than in the previous month.
Year-on-Year Comparison
Year-on-year, the headline inflation rate of 15.43 per cent in July 2026 compared with 24.94 per cent in July 2025. The three largest contributors to the year-on-year figure were food and non-alcoholic beverages at 6.18 per cent, restaurants and accommodation services at 1.99 per cent, and transport at 1.64 per cent.
The smallest contributions came from 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 Consumer Price Index rose to 145.3 in July, a 2.2-point increase from 143.0 in June.
Food and Core Inflation
Food inflation stood at 20.31 per cent year-on-year in July, down from 26.20 per cent in July 2025. On a month-on-month basis, however, food inflation accelerated to 5.56 per cent from 3.75 per cent in June, a rise of 1.82 percentage points.
The National Bureau of Statistics attributed the month-on-month increase to higher average prices of crayfish, fresh pepper, onions, carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, egg, guinea corn, ginger and plantain flour, among other items.
Core inflation, which excludes volatile agricultural produce and energy, was 14.97 per cent year-on-year in July, a decline of 8.98 percentage points from 23.95 per cent in July 2025. Month-on-month, core inflation slowed sharply to 0.15 per cent from 1.66 per cent in June.
Sub-Indices and Urban-Rural Split
Month-on-month movements in July showed energy at -2.39 per cent (compared with -7.54 per cent in June), farm produce at 4.66 per cent (up from 4.42 per cent), services at 0.49 per cent (down from 1.60 per cent), goods at 1.70 per cent (down from 1.94 per cent) and imported food at 1.19 per cent (down from 1.73 per cent).
Urban inflation was 16.12 per cent year-on-year and 1.90 per cent month-on-month, the latter down from 2.13 per cent in June. Rural inflation stood at 13.77 per cent year-on-year and 0.78 per cent month-on-month, up from 0.52 per cent in June.
State-Level Figures
Year-on-year inflation was highest in Adamawa at 33.03 per cent, followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent. The lowest rates were recorded in Nasarawa at 7.86 per cent and in both Kebbi and Borno at 9.12 per cent.
Month-on-month inflation was highest in Adamawa at 12.48 per cent, Anambra at 9.95 per cent and Delta at 9.54 per cent. Niger, Enugu and Kebbi posted declines of 5.86 per cent, 5.71 per cent and 4.89 per cent respectively.
For food inflation on a year-on-year basis, Adamawa led at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent. The slowest rates were in Borno at -0.31 per cent, Nasarawa at 6.88 per cent and Kebbi at 12.50 per cent. Month-on-month food inflation was highest in Adamawa at 17.02 per cent, Lagos at 13.48 per cent and Borno at 13.26 per cent, while Jigawa, Kebbi and Bauchi recorded declines of 3.68 per cent, 3.67 per cent and 1.85 per cent.
The latest data indicate that price pressures are easing across most categories, offering some relief to consumers and businesses. Food inflation, however, remains elevated in several states, keeping household budgets under strain in those areas.
