Nigeria’s headline inflation rate declined further to 15.43% in July 2026, representing a 0.48 percentage-point decrease from the 15.91% recorded in June.
The latest figure was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), which also showed a significant decline from the 24.94% recorded in July 2025.
What you should know
The July inflation figure marks another month of easing price pressures in Nigeria, with the headline rate continuing to decline on a year-on-year basis.
However, the moderation in the inflation rate does not mean that prices fell during the month. Rather, it indicates that prices increased at a slower rate compared with the same period a year earlier.
The CPI data provides a clearer picture of this distinction, as the overall index increased during July.
What the data is saying
Inflation falls to 15.43%
Headline inflation declined from 15.91% in June to 15.43% in July, representing a 0.48 percentage-point moderation.
On a year-on-year basis, the decline was even more significant compared with July 2025, when inflation stood at 24.94%.
CPI rises despite lower inflation
The Consumer Price Index increased to 145.3 points in July, up from 143.0 points in June.
This represents a 2.2-point increase in the CPI during the month.
The rise shows that consumer prices continued to increase, even though the pace of annual inflation slowed.
Inflation rate continues to moderate
The latest data indicates continued moderation in Nigeria’s headline inflation rate, providing further evidence of easing price pressures compared with the elevated levels recorded in 2025.
However, households and businesses may continue to face higher costs as the overall price level remains significantly above previous years.
