Inflation eases to 15.91% despite rising food prices — NBS

Nigeria's headline inflation rate saw a marginal decrease to 15.91% in June 2026, down from 15.93% in May, according to the National Bureau of Statistics. This marks the first decline after three consecutive monthly increases, offering a slight reprieve from rising prices. However, the report highlights that food prices continue to climb at a faster month-on-month pace, driven by increases in staples like pepper, tomatoes, and beef.

The National Bureau of Statistics noted that the Consumer Price Index increased by 2.3 points from May to June. While the annual inflation rate trended downwards, the month-on-month headline inflation slowed to 1.66% in June from 1.75% in May. This slowdown occurred despite global concerns over rising crude oil prices due to the US-Iran conflict, which could potentially fuel further inflationary pressures.

Food and non-alcoholic beverages remained the most significant contributor to the headline inflation, accounting for 6.37 percentage points. While year-on-year food inflation stood at 17.52% in June, down from 25.41% in June 2025, the month-on-month food inflation accelerated to 3.75% from 2.98% in May. The NBS attributed this acceleration to higher prices for various food commodities, including crayfish, pepper, tomatoes, and beef.