Nigeria’s headline inflation rate recorded a modest decline in July 2026, dropping to 15.43% from 15.91% in June, according to the latest Consumer Price Index (CPI) report released Monday by the National Bureau of Statistics (NBS).
The 0.48 percentage-point decrease offers a glimmer of relief for Africa’s largest economy. On a month-on-month basis, inflation stood at 1.57% in July — slightly lower than June’s 1.66% — indicating that the pace of price increases is slowing.
“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026,” the NBS stated.
FOOD INFLATION REACHES 20.31% — AND RISING
However, the headline figure masks a troubling reality: food inflation surged to 20.31% year-on-year in July, up sharply from the same period last year.
Even more concerning, month-on-month food inflation jumped to 5.56% in July — a staggering 1.82 percentage-point increase from June’s 3.75%.
The NBS attributed the spike to rising prices of:
· Rice and water yam
· Fresh peppers, onions, and tomatoes
· Plantain, garri, and beef
· Crayfish, eggs, and guinea corn
STATE-BY-STATE BREAKDOWN
Food inflation varied widely across the country:
Highest Year-on-Year Food Inflation:
1. Adamawa — 51.36%
2. Katsina — 30.84%
3. Zamfara — 30.65%
Lowest Year-on-Year Food Inflation:
1. Borno — -0.31% (deflation)
2. Nasarawa — 6.88%
3. Kebbi — 12.50%
Month-on-Month Food Inflation Surge:
· Adamawa — 17.02%
· Lagos — 13.48%
· Borno — 13.26%
Month-on-Month Declines:
· Jigawa — -3.68%
· Kebbi — -3.67%
· Bauchi — -1.85%
WHAT THIS MEANS FOR NIGERIANS
While the headline inflation drop may signal progress in monetary policy, the relentless climb in food prices continues to squeeze household budgets — particularly in northern states where food inflation exceeds 50%.
With the Central Bank of Nigeria maintaining its tightening stance and the naira under pressure, analysts warn that food-driven inflation could undermine broader economic stability in the months ahead.
