Inflation Moderates to 15.43% Despite Surge in Food Prices

Nigeria's inflation rate continued its downward trend in July, settling at 15.43 percent, a decrease from the 15.91 percent recorded in June. This moderation signals a sustained easing of price pressures across the economy, according to the National Bureau of Statistics (NBS).

The monthly inflation rate also slowed, indicating that while prices are still rising, the pace has decelerated. The Consumer Price Index (CPI) report for July showed a 1.57 percent month-on-month increase, down from 1.66 percent in June.

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The decline represents a 0.48 per cent drop in headline inflation, extending the moderation recorded in the previous month and signalling a continued easing in the overall pace of price increases.

However, the surge in food prices remains a significant concern. Food inflation climbed sharply to 5.56 percent on a monthly basis in July, a notable increase from 3.75 percent in June. This rise was attributed to higher average prices for a range of food items including crayfish, pepper, onions, carrots, rice, and meat.

Despite the jump in food inflation, year-on-year figures for headline, food, and core inflation all demonstrated substantial reductions compared to July 2025. Core inflation, which excludes volatile food and energy prices, saw a significant year-on-year decrease, suggesting a weakening of underlying price pressures outside these key sectors.

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Food inflation, however, remained a major source of pressure, rising sharply on a month-on-month basis to 5.56 per cent in July from 3.75 per cent in June.