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🇳🇬 Nigeria /Economy & Trade

Inflation still high despite latest decline, OPS warns

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

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  • Nigeria's headline inflation rate slightly decreased to 15.91% in June 2026 from 15.93% in May, according to the National Bureau of Statistics.
  • Despite the marginal decline, inflation remains in double digits, with food prices accelerating month-on-month.
  • Private sector organizations acknowledged the moderation but warned that prices are still too high for consumers and businesses.

Nigeria's headline inflation rate saw a marginal easing in June 2026, dropping to 15.91% from 15.93% in May, as reported by the National Bureau of Statistics (NBS). This slight decrease marks the first slowdown after three consecutive months of increases, offering a glimmer of relief for the economy.

However, the organized private sector (OPS) cautioned that despite the downward trend, inflation remains significantly high in double digits. They highlighted that food prices, in particular, continued to rise at a faster pace month-on-month, driven by increases in staples like pepper, tomatoes, and beef. This persistent price pressure means that costs remain elevated for both consumers and businesses.

When inflation goes down, it’s for the benefit of the consumer. The consumer is you and me, every one of us. Therefore, it is what we all look forward to in any society. When inflation comes to a single unit, or even at less than one per cent, that is what we call stability. Therefore, if inflation is going down in Nigeria, no doubt, it’s good news for everyone, government, industry, and the consumer.

— Leye KupoluyiPresident of the Lagos Chamber of Commerce and Industry, commenting on the slight decrease in Nigeria's inflation rate.

The NBS report indicated that the Consumer Price Index increased to 143.0 in June from 140.7 in May, a 2.3-point rise. On a month-on-month basis, headline inflation slowed to 1.66% in June from 1.75% in May. The slowdown occurred despite concerns that global crude oil price hikes, fueled by the US-Iran conflict, could potentially increase fuel, transport, and food costs.

Leye Kupoluyi, President of the Lagos Chamber of Commerce and Industry (LCCI), described the moderation as positive but emphasized that Nigeria still has a long way to go to achieve price stability. He noted that any decrease in inflation benefits consumers and expressed optimism that the current encouraging economic indicators would continue. The Association of Small Business Owners of Nigeria also commented on the figures, acknowledging the trend.

We are seeing stability in Nigeria, and what is coming out in terms of figures and statistics is encouraging. We are looking forward to it.

— Leye KupoluyiPresident of the Lagos Chamber of Commerce and Industry, expressing optimism about Nigeria's economic indicators.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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