Nigeria's inflation rate drops to 15.43% in July, NBS says
By Aboki Forex —
The National Bureau of Statistics (NBS) says Nigeria's headline inflation rate dropped to 15.43 per cent in July. This is contained in the Consumer Price Index (CPI) and Inflation Report for July released in Abuja on Monday.
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 1.66 per cent recorded in June. The NBS said this means the rate of increase in the average price level was lower in July than in June.
Year-on-year comparison
On a year-on-year basis, the headline inflation rate stood at 15.43 per cent in July, compared to 24.94 per cent in July 2025. The three major contributors to the year-on-year headline inflation were food and non-alcoholic beverages at 6.18 per cent, restaurants and accommodation services at 1.99 per cent, and transport at 1.64 per cent.
The least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at 0.06 per cent, and insurance and financial services at 0.07 per cent. The CPI increased to 145.3 in July, reflecting a 2.2-point increase from 143.0 in June.
Food and core inflation
The food inflation rate in July was 20.31 per cent on a year-on-year basis, compared to 26.20 per cent recorded in June 2025. On a month-on-month basis, food inflation was 5.56 per cent in July, up by 1.82 per cent compared to 3.75 per cent in June.
The NBS attributed the rise in food inflation to changes in the average prices of crayfish, fresh pepper, onions, carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, egg, guinea corn, ginger, and plantain flour, among others.
Core inflation, which excludes volatile agricultural produce and energy, stood at 14.97 per cent in July on a year-on-year basis. This shows a decline of 8.98 per cent compared to 23.95 per cent in July 2025. On a month-on-month basis, core inflation was 0.15 per cent in July, down by 1.51 per cent compared to 1.66 per cent in June.
Sub-indices and urban, rural rates
On a month-on-month basis in July, energy stood at -2.39 per cent compared to -7.54 per cent in June. Farm produce rose to 4.66 per cent from 4.42 per cent in June. Services stood at 0.49 per cent compared to 1.60 per cent in June, while goods stood at 1.70 per cent compared to 1.94 per cent in June. Imported food stood at 1.19 per cent compared to 1.73 per cent in June.
Urban inflation was 16.12 per cent year-on-year and 1.90 per cent month-on-month, down from 2.13 per cent in June. Rural inflation was 13.77 per cent year-on-year and 0.78 per cent month-on-month, up from 0.52 per cent in June.
State breakdown
Year-on-year inflation was highest in Adamawa at 33.03 per cent, followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent. The lowest rises were in Nasarawa at 7.86 per cent, Kebbi at 9.12 per cent, and Borno at 9.12 per cent.
Month-on-month inflation was highest in Adamawa at 12.48 per cent, Anambra at 9.95 per cent, and Delta at 9.54 per cent. Niger, Enugu, and Kebbi recorded declines of -5.86 per cent, -5.71 per cent, and -4.89 per cent respectively.
Year-on-year food inflation was highest in Adamawa at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent. Borno recorded -0.31 per cent, Nasarawa 6.88 per cent, and Kebbi 12.50 per cent as the slowest rises. Month-on-month food inflation was highest in Adamawa at 17.02 per cent, Lagos at 13.48 per cent, and Borno at 13.26 per cent. Jigawa, Kebbi, and Bauchi recorded declines of -3.68 per cent, -3.67 per cent, and -1.85 per cent.
The latest figures show price pressures easing across most categories, offering some relief for consumers and businesses. However, food inflation remains high in several states, meaning household budgets will stay under pressure in those areas.