Nigeria’s energy inflation rate fell sharply to 4.37% in July 2026, its lowest level in four months, according to the latest Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS).
The latest figure represents a significant decline from the 9.83% recorded in June 2026, extending the volatile movement in energy-related prices recorded during the first seven months of the year.
What you should know
Energy inflation has remained below 10% in four of the first seven months of 2026, despite continued fluctuations in energy-related costs.
The July decline indicates a moderation in the pace at which energy prices increased compared with the previous month, although energy costs remain an important component of household and business expenses.
What the data is saying
The NBS data show that energy inflation declined by 5.46 percentage points, from 9.83% in June to 4.37% in July.
The latest reading represents the lowest energy inflation rate recorded in four months, highlighting a significant easing in energy-related price pressures during the month.
However, the continued volatility in energy inflation underscores the sensitivity of Nigerian households and businesses to movements in fuel, electricity and other energy-related costs.
