Business:
Inflation Rate Drops To 15.43% — NBS
Meanwhile, the food inflation rate rose to 20.31 per cent in July 2026 on a year-on-year basis.
Inflation
An Illustration of inflation
Headline inflation rate dropped from 15.91 per cent in June to 15.43 per cent in July, according to newly released data by the National Bureau of Statistics (NBS)
In its consumer price index (CPI) report released on Monday, NBS noted that the July 2026 headline inflation rate “showed a decrease of 0.48 per cent compared to the June 2026 headline inflation rate”.
“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 rate recorded in June 2026 (1.66 per cent),” the bureau said.
“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.”
Meanwhile, NBS noted that the food inflation rate rose to 20.31 per cent in July 2026 on a year-on-year basis.
The rise in food inflation on a year-on-year basis was caused by increases in prices of rice, water yam, and plantain.
“On a month-on-month basis, the Food inflation rate in July 2026 was 5.56 per cent, up by 1.82 percentage points from June 2026 (3.75 per cent),” NBS added.
“The food inflation rate in July 2026 was 20.31 per cent on a year-on-year basis and stood at 26.20 per cent in the same month of the preceding year (July 2025),” the bureau said.
“On a month-on-month basis, the Food inflation rate in July 2026 was 5.56 per cent, up by 1.82 percentage points from June 2026 (3.75 per cent).
“This can be attributed to the rate of change in the average prices of the following products: Crayfish, Pepper (Fresh), Onions (Fresh), Carrots (Fresh), Rice, Water Yam, Tomatoes (Fresh), Garri, Plantain, Beef, Egg, Guinea Corn, Ginger, Plantain Flour, etc.”
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On a month-on-month basis, NBS said food inflation was highest in “Adamawa (17.02 per cent), Lagos (13.48 per cent), and Borno (13.26 per cent), Jigawa (-3.68 per cent), Kebbi (-3.67 per cent), and Bauchi (-1.85 per cent) recorded decline”.
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), in July 2026.
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.
Business: Nigeria’s Inflation Rate Falls to 15.43% in July — NBS
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