The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) which showed that inflation rate for July declined to 15.43 per cent.
Headline inflation (year-on-year) eased marginally to 15.91 per cent in June 2026, from 15.93 per cent in May 2026, ending the three consecutive months of uptick in price levels.
On year-on-year basis, 24.94 per cent inflation rate was recorded in July 2025.
The July inflation rate decline was predicted by the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) at its last meeting in Abuja.
The committee had projected inflation rate would moderate further in the medium term on the back of continued stability in the foreign exchange market, lagged effect of previous monetary policy tightening and improved food supply conditions as the harvest season approaches.
“The key risk to the outlook, however, remains the severe and prolonged escalation of the Middle East conflict. In the light of these considerations, the MPC reaffirmed its commitment to preserve price and financial system stability and remains prepared to take appropriate policy measures, guided by evolving macroeconomic conditions,” it said.
The NBS report showed that food inflation rate in July 2026 jumped to 20.31 per cent from 17.52 per cent year-on-year, and to 5.56 per cent on the month from 3.75 per cent.
NBS Chief Executive Officer, Prince Adeyemi Adeniran, who put the month-on-month decline figure at 1.57 per cent, said the decline in inflation rate was driven reduced prices of food, non-alcoholic drinks, accommodation and transport.
Adeniran said: “On a month-on-month basis, the food Inflation rate in July 2026 was 5.56 per cent, up by 1.82 per cent points from June 2026 (3.75 per cent)”.
The CPI he said, rose 145.3 in the period under review, stressing that it reflects a 2.2-point increase from the preceding month.
According to him, the report centred on a new CPI base year of 2024 and a weight reference period of 2023 following the completion of the recent rebasing exercise.
The National Bureau of Statistics is pleased to announce the release of the latest Consumer Price Index (CPI) figures for July 2026.
The report is centred on a new CPI base year of 2024 and a weight reference period of 2023.
Continuing, he said that at the divisional level, “the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 6.18 per cent, Restaurants & Accommodation Services: 1.99 per cent, and Transport: 1.64 per cent; while the least contributors were Recreation, Sport, and Culture: 0.05 per cent, Alcoholic Beverages, Tobacco, and Narcotics: 0.06 per cent, an Insurance and Financial Services: 0.07 per cent.”
On it is states analysis, NBS said July 2026, the All-Items inflation rate on a Year-on-Year basis was highest in Adamawa (33.03 per cent), Yobe (25.21 per cent), and Anambra (23.99 per cent), while Nasarawa (7.86 per cent), Kebbi (9.12 per cent) and Borno (9.12 per cent) recorded the lowest rise in Headline inflation on a Year-on-Year basis.
Continuing, “On a Month-on-Month basis, however, July 2026 recorded the highest increases in Adamawa (12.48 per cent), Anambra (9.95 per cent) and Delta (9.54 per cent), while Niger (-5.86 per cent), Enugu (-5.71 per cent), and Kebbi (-4.89 per cent) recorded the lowest rise in the Month-on-Month inflation.
“Food InflationIn July 2026, Food inflation on a Year-on-Year basis was highest in Adamawa (51.36 per cent), Katsina (30.84 per cent), and Zamfara (30.65 per cent), while Borno (-0.31 per cent), Nasarawa (6.88 per cent) and Kebbi (12.50 per cent) recorded the slowest rise in Food inflation on a Year-on-Year basis.
“On a Month-on-Month basis, however, July 2026 Food inflation was highest in Adamawa (17.02 per cent), Lagos (13.48 per cent) and Borno (13.26 per cent), while Jigawa (-3.68 per cent), Kebbi (-3.67 per cent), and Bauchi (-1.85 per cent) recorded the slowest rise in Food inflation on a Month-on-Month basis.”