Abuja: Nigeria’s headline inflation rate fell to 15.43% in July, according to the National Bureau of Statistics (NBS). The decline represents a 0.48% decrease from the June 2026 rate of 15.91%, as reported in the NBS’s Consumer Price Index (CPI) and Inflation Report released in Abuja.
According to News Agency of Nigeria, the report highlighted a month-on-month headline inflation rate of 1.57% in July, a 0.09% reduction from June’s 1.66%. This indicates a slower increase in the average price level in July compared to June. Year-on-year, the July headline inflation rate was 15.43%, down from 24.94% in July 2025.
The report identified food and non-alcoholic beverages, restaurants and accommodation services, and transport as the primary contributors to the year-on-year headline inflation, with contributions of 6.18%, 1.99%, and 1.64%, respectively. On the lower end, recreation, sports, and culture contributed 0.05%, followed by alcoholic beverages, tobacco, and narcotics at 0.06%, and insurance and financial services at 0.07%.
The CPI increased to 145.3 in July, a 2.2-point rise from June’s 143.0. The food inflation rate in July stood at 20.31% year-on-year, down from 26.20% in June 2025. Month-on-month, food inflation was 5.56%, a 1.82% increase from June’s 3.75%. The rise in food inflation was attributed to price changes in items such as crayfish, fresh pepper, onions, and rice.
Core inflation, excluding volatile agricultural produce and energy, was 14.97% year-on-year in July, an 8.98% decrease from 23.95% in July 2025. Month-on-month, core inflation was 0.15%, a 1.51% decrease from June’s 1.66%.
The report further detailed sub-indices for July, where energy stood at -2.39% compared to June’s -7.54%, farm produce at 4.66% up from 4.42%, and services at 0.49%, down from 1.60% in June. Goods inflation was 1.70%, slightly down from 1.94%, and imported food inflation was 1.19%, down from 1.73%.
Urban inflation in July was 16.12% year-on-year and 1.90% month-on-month, a 0.23% decrease from June’s 2.13%. Rural inflation was 13.77% year-on-year, with a month-on-month rate of 0.78%, a 0.25% increase from June’s 0.52%.
State analysis showed Adamawa had the highest year-on-year all-items index inflation at 33.03%, followed by Yobe and Anambra. Nasarawa recorded the lowest at 7.86%, with Kebbi and Borno following. Month-on-month, Adamawa also led with 12.48%, while the lowest rates were observed in Niger, Enugu, and Kebbi.
Food inflation was highest year-on-year in Adamawa at 51.36%, with Katsina and Zamfara following. Borno experienced the slowest rise at -0.31%. Month-on-month, Adamawa again saw the highest food inflation at 17.02%, while Jigawa, Kebbi, and Bauchi recorded declines.