Nigeria’s headline inflation rate eased further in July 2026, falling to 15.43 per cent from 15.91 per cent recorded in June, according to the latest Consumer Price Index released by the National Bureau of Statistics (NBS).
The July figure represents a 0.48 percentage-point decline month-on-month and a substantial 9.51 percentage-point drop compared with the 24.94 per cent recorded in July 2025.
The latest data indicate that the pace of increase in consumer prices moderated during the month, although prices themselves continued to rise.
The NBS reported that the Consumer Price Index rose to 145.3 points in July from 143.0 points in June, representing a 2.2-point increase.
The statistical agency explained that an increase in the CPI should not be confused with an increase in the inflation rate, noting that the former measures changes in the average prices of goods and services, while the latter reflects the rate at which those prices are changing.
On a month-on-month basis, headline inflation stood at 1.57 per cent in July, compared with 1.66 per cent in June. This represents a decline of 0.09 percentage points.
The NBS said the July figure showed that the rate of increase in the average price level was slower than that recorded in the preceding month.
The agency stated that the CPI is a major macroeconomic indicator used to track changes in the average prices of goods and services commonly purchased by consumers.
It added that the current CPI series has 2024 as its price reference period, with the consumer inflation rate calculated directly from the index.
The latest moderation continues the downward trend in Nigeria’s annual inflation rate over the past year. From 24.94 per cent in July 2025, headline inflation has now declined to 15.43 per cent.
However, the continued rise in the CPI suggests that consumers are still facing higher prices for goods and services.
The July figures, therefore, point to a slowdown in the rate of price increases rather than an outright reduction in the cost of living, with inflation remaining a key concern for households and businesses.
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