Nigeria’s headline inflation rate fell to 15.43% in July 2026, down from 15.91% in June, according to the Consumer Price Index released by the National Bureau of Statistics (NBS).

The July figure was also significantly lower than the 24.94% recorded in July 2025. Month-on-month inflation declined to 1.57% from 1.66% in June, although the Consumer Price Index rose from 143.0 to 145.3 points.

Food inflation also fell year-on-year to 20.31% from 26.20% a year earlier but rose sharply month-on-month to 5.56% from 3.75% in June, driven by higher prices of items including rice, pepper, onions, tomatoes, beef and eggs.

Core inflation declined to 14.97% year-on-year from 23.95% in July 2025, while urban inflation stood at 16.12% and rural inflation at 13.77%.