Nigeria’s inflation eases to 15.43% as food pressures persist

NIGERIA’S headline inflation rate slowed to 15.43 percent in July 2026, extending the decline in the pace of annual price increases despite renewed pressure from food prices.

The latest figure was contained in the Consumer Price Index released by the National Bureau of Statistics (NBS) on Monday.

According to the bureau, July’s headline inflation rate was 0.48 percentage points lower than the June rate, indicating a further moderation in the annual pace of price increases.

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The month-on-month measure also pointed to slower price growth. Headline inflation stood at 1.57 percent in July, down from 1.66 percent in June, representing a decline of 0.09 percentage points.

The NBS said the month-on-month movement means that the average price level increased at a slower rate in July than in the preceding month.

However, the moderation in headline inflation masked renewed pressure in the food basket.

Food inflation rises

Food inflation climbed to 20.31 percent year-on-year in July, although it remained significantly below the 26.20 percent recorded in July 2025.

On a monthly basis, however, food inflation accelerated sharply to 5.56 percent, up from 3.75 percent in June. The NBS attributed the annual food price movement partly to higher prices of commodities including rice, water yam and plantain.

The monthly increase was broader, with prices of crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour among products contributing to the rise.

The divergence between headline and food inflation suggests that while the broader pace of price increases is moderating, consumers continue to face significant pressure on essential food items.

Wide variation across states

Food inflation also varied considerably across the country. Adamawa recorded the highest year-on-year food inflation at 51.36 percent, followed by Katsina at 30.84 percent and Zamfara at 30.65 percent.

At the other end of the scale, Borno recorded a 0.31 percent decline, while Nasarawa and Kebbi posted relatively slower increases of 6.88 percent and 12.50 percent, respectively.

The monthly picture was similarly uneven. Adamawa recorded the highest food inflation at 17.02 percent, followed by Lagos at 13.48 percent and Borno at 13.26 percent.

In contrast, food prices declined month-on-month in Jigawa by 3.68 percent, Kebbi by 3.67 percent and Bauchi by 1.85 percent.

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The July figures point to a continuing moderation in Nigeria’s overall inflation rate, but the sharp monthly increase in food inflation highlights the uneven nature of the disinflation process.

For households, particularly those with a large share of their income devoted to food, the latest data suggest that the slowdown in headline inflation may not yet translate into significant relief in the cost of everyday essentials.