Inflation Eases To 15.43% In July as Food Rate Spikes

Nigeria’s headline inflation rate eased further in July 2026, declining to 15.43 per cent year-on-year from 15.91 per cent recorded in June, according to the latest report by the National Bureau of Statistics (NBS).

The 48 basis points moderation in headline inflation was attributed to lower domestic energy costs and a modest appreciation of the naira exchange rate, even as food prices continued to exert significant pressure on households.

The NBS data showed that the decline in headline inflation was also reflected in the month-on-month movement, with inflation slowing for the fourth consecutive month to 1.57 per cent in July, compared with 1.68 per cent in June.

According to the latest data, year on year core inflation declined to 14.97 per cent from 15.92 per cent while food inflation rose sharply to 20.31 per cent year on year from 17.52 per cent in June.

On a month-on-month basis, food inflation also rose significantly to 5.56 per cent in July, up from 3.75 per cent recorded in the previous month.

The sharp increase in year on year food inflation indicated persistent pressures on food prices. On a month on month basis, food inflation persisted increasing to 5.56 per cent up from 3.75 per cent  in the previous month.