Inflation eases to 15.43% as food prices jump in July
Nigeria’s headline inflation slowed further in July, but a sharp monthly increase in food prices means households continued to face pressure at the market despite the broader moderation in inflation.
Nigeria’s headline inflation rate fell to 15.43 percent in July 2026, extending the recent slowdown in overall price increases, but the latest data from the National Bureau of Statistics showed that food prices moved in the opposite direction during the month.
The NBS, in its Consumer Price Index report released Monday, said headline inflation declined by 0.48 percentage points from 15.91 percent in June.
The moderation was also reflected in monthly headline inflation, which fell to 1.57 percent in July from 1.66 percent in June, indicating that prices continued to rise but at a slightly slower pace.
For households, however, the improvement was less straightforward.
Food inflation rose sharply on a month-on-month basis to 5.56 percent in July, from 3.75 percent in June. The 1.82 percentage-point increase means food prices recorded a much faster monthly increase during July even as the overall inflation rate eased.
The NBS attributed the increase to higher average prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
The statistics agency said, “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). 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).”
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On an annual basis, food inflation still recorded a significant improvement, falling to 20.31 percent in July from 26.20 percent a year earlier.
This means the pace of annual food price increases has slowed considerably compared with July 2025, even though households experienced a sharper increase in food prices between June and July this year.
The difference between the annual and monthly figures highlights the uneven nature of Nigeria’s inflation slowdown. Prices may be rising more slowly than they did a year ago, but that does not mean food has become cheaper.
The core inflation measure also moderated. Core inflation, which excludes volatile agricultural products and energy, fell to 14.97 percent year-on-year in July, from 23.95 percent in July 2025.
On a monthly basis, core inflation slowed to 0.15 percent from 1.66 percent in June.
The NBS said the “All items less farm produce and energy” measure stood at 14.97 percent in July, representing a decline of 8.98 percentage points from the 23.95 percent recorded a year earlier.
Meanwhile, the Consumer Price Index, which measures changes in the prices of goods and services, increased to 145.3 points in July from 143.0 points in June, representing a 2.2-point monthly increase.
The NBS said the July headline figure meant that the average price level was still increasing, but at a slower rate than in June.
Food price pressures also varied significantly across states.
Adamawa recorded the highest annual food inflation at 51.36 percent, followed by Katsina at 30.84 percent and Zamfara at 30.65 percent. Borno recorded negative 0.31 percent, while Nasarawa and Kebbi recorded 6.88 percent and 12.50 percent respectively.
On a monthly basis, Adamawa again recorded the highest food inflation at 17.02 percent, followed by Lagos at 13.48 percent and Borno at 13.26 percent. Jigawa, Kebbi and Bauchi, however, recorded monthly declines in food inflation.
The 12-month average headline inflation rate also fell substantially to 16.89 percent in July, from 29.10 percent in July 2025.
The latest figures come as the Federal Government and monetary authorities continue efforts to bring inflation under control following the sharp increase in prices after the economic reforms introduced since 2023.
While the continued decline in headline and core inflation provides a positive signal, the July food figures show that the improvement is not being felt evenly across the economy.
For Nigerian households, particularly those spending a large share of their income on food, the more immediate concern remains what happens to prices in markets from one month to the next.
