JUST IN: Nigeria’s headline inflation falls to 15.43% in July

Nigeria's headline inflation rate has shown a downward trend, falling to 15.43% in July 2026. This marks a 0.48 percentage-point decrease from the 15.91% recorded in June 2026, according to the Consumer Price Index report released by the National Bureau of Statistics (NBS).

The July figure also represents a substantial year-on-year improvement, declining by 9.51 percentage points from the 24.94% recorded in July 2025. This moderation in annual inflation suggests a stabilization of price increases compared to the previous year.

Despite the lower inflation rate, the overall Consumer Price Index (CPI) increased to 145.3 points in July from 143.0 points in June. The NBS explained that this index increase reflects changes in the average prices of goods and services. Therefore, the decline in the inflation rate should be understood as a slower pace of price increases, not a decrease in the general price level.

On a month-on-month basis, the headline inflation rate in July 2026 was 1.57%, which was 0.09% lower than the 1.66% recorded in June 2026. This indicates that price pressures eased slightly during the month, with the rate of increase in average prices being lower than in the preceding month.