Nigeria’s inflation rate drops by 0.48%

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate dropped from 15.91 percent in June to 15.43 percent in July.

This is contained in its consumer price index (CPI) report released on Monday.

NBS said the July 2026 headline inflation rate “showed a decrease of 0.48% compared to the June 2026 headline inflation rate”.

“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57%, which was 0.09% lower than the rate recorded in June 2026 (1.66%),” the bureau said.

“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.”

Also, the report said the food inflation rate in July 2026 was 20.31 percent on a year-on-year basis.

“On a month-on-month basis, the Food inflation rate in July 2026 was 5.56%, up by 1.82% points from June 2026 (3.75%),” NBS added.

The statistics firm said the rise in food inflation on a year-on-year basis was caused by increases in prices of rice, water yam, and plantain.

“The Food inflation rate in July 2026 was 20.31% on year-on-year basis and stood at 26.20% in the
same month of the preceding year (July 2025),” the bureau said.

“On a month-on-month basis, the Food inflation rate in July 2026 was 5.56%, up by 1.82% points from June 2026 (3.75%).

“This can be attributed to the rate of change in the average prices of the following products: Crayfish, Pepper (Fresh), Onions (Fresh), Carrots (Fresh), Rice, Water Yam, Tomatoes (Fresh), Garri, Plantain, Beef, Egg, Guinea Corn, Ginger, Plantain Flour, etc.”

Giving state analysis, NBS said food inflation on a year-on-year basis was highest in Adamawa (51.36 percent), Katsina (30.84 percent), and Zamfara (30.65 percent), in July 2026.

However, Borno (-0.31 percent), Nasarawa (6.88 percent) and Kebbi (12.50 percent) recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis, NBS said food inflation was highest in “Adamawa (17.02%), Lagos (13.48%) and Borno (13.26%), Jigawa (-3.68%), Kebbi (-3.67%), and Bauchi (-1.85%) recorded decline”.