Inflation eases to 15.43% amid food price surge

Nigeria's headline inflation rate eased to 15.43% in July 2026, marking a 0.48 percentage point decrease from the 15.91% recorded in June. However, this overall slowdown in price increases masks a sharp acceleration in food inflation on a month-on-month basis, a key concern for household welfare.

The National Bureau of Statistics reported that food inflation rose to 5.56% in July, up from 3.75% in June. This monthly increase was driven by higher average prices for numerous food items, including crayfish, fresh pepper, onions, carrots, rice, and tomatoes. While the year-on-year food inflation moderated to 20.31% from 26.20% in July 2025, the monthly trend indicates a more immediate pressure on consumers' budgets.

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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).

This divergence between headline and food inflation was also reflected in the core inflation rate, which excludes volatile agricultural products and energy. Core inflation fell to 14.97% year-on-year in July, down from 23.95% a year prior. On a monthly basis, core inflation slowed considerably to 0.15% from 1.66% in June. Despite the overall deceleration in annual price increases, the monthly surge in food prices meant consumers experienced a faster rise in their grocery bills during July.

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The 'All items less farm produce and energy' or Core inflation, which excludes the prices of volatile agricultural products and energy, stood at 14.97 per cent in July 2026 on a year-on-year basis, a decline of 8.98 per cent when compared to the 23.95 per cent recorded in July 2025.