Nigeria’s headline inflation rate eased to 15.43 per cent in July 2026, marking a 0.48 percentage-point drop from June’s 15.91 per cent.
Data released on Monday in the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) shows a substantial year-on-year deceleration. Inflation fell by 9.51 percentage points compared to the 24.94 per cent recorded in July 2025.
The figures indicate that while consumer prices are still rising, the speed at which they are increasing slowed down across the month.
Despite the drop in the headline inflation rate, the total Consumer Price Index actually rose by 2.3 points, moving from 143.0 in June to 145.3 in July.
Addressing the difference between the index level and the inflation rate, the NBS explained: “The Consumer Price Index (CPI) increased to 145.3 in July 2026, reflecting a 2.2-point increase from the preceding month (143.0)”.
The bureau elaborated on the figures, stating: “In July 2026, the Headline inflation rate stood at 15.43 per cent, down from 15.91 per cent in June 2026 and stood at 24.94 per cent in the same month of the preceding year (July 2025). Looking at the movement, the July 2026 Headline inflation rate decreased by 0.48 per cent compared to the June 2026 Headline inflation rate”.
Month-on-month data also reflected this moderation. Monthly inflation dropped 0.09 percentage points from 1.66 per cent in June to 1.57 per cent in July.
The NBS stated: “On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57 per cent, which was 0.09 per cent lower than the rate recorded in June 2026 (1.66 per cent). 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”.