Nigeria’s headline inflation rate fell to 15.43 percent in July 2026, down from 15.91 percent in June, according to the National Bureau of Statistics.

The figure is also significantly lower than the 24.94 percent recorded in July 2025.

On a month-on-month basis, inflation stood at 1.57 percent in July, a slight decline from 1.66 percent in the previous month. The main drivers of the overall rate were food and non-alcoholic beverages, restaurants and accommodation services, and transport.

Food inflation remained higher at 20.31 percent year-on-year, though this was down from 26.20 percent a year earlier. On a monthly basis, however, food prices rose more sharply at 5.56 percent, up from 3.75 percent in June, reflecting increases in items such as crayfish, pepper, onions, rice, tomatoes and other staples.

Core inflation, which excludes volatile agricultural produce and energy, came in at 14.97 percent year-on-year. Urban inflation was higher at 16.12 percent, while rural inflation stood at 13.77 percent.

Among the states, Adamawa recorded the highest year-on-year inflation at 33.03 percent, followed by Yobe and Anambra. Nasarawa, Kebbi and Borno posted the lowest rates. The Bureau noted that the latest figures are based on a rebased Consumer Price Index with 2024 as the new base year.

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