Nigeria's inflation drops to 15.43% in July

Nigeria has seen a further moderation in its headline inflation rate, which eased to 15.43 percent in July from 15.91 percent in June. The National Bureau of Statistics (NBS) reported this decline on Monday, indicating a continued easing in the overall pace of price increases.

The drop represents a 0.48 percentage point decrease in the headline inflation rate, extending the trend observed in the previous month. The NBS data also revealed that month-on-month headline inflation slowed to 1.57 percent in July, down from 1.66 percent in June. This suggests that while the general price level continued to rise, it did so at a slower pace during the review period.

According to the CPI report, the CPI index itself rose to 145.3 points in July from 143.0 points in June, reflecting a 2.2-point increase in the general price level. For the twelve months ending July 2026, the average annual headline inflation stood at 16.89 percent, a significant decrease from the 29.10 percent recorded in the corresponding period of 2025.

Despite the overall moderation in headline inflation, food inflation remains a significant concern. The report indicates a sharp monthly increase in food inflation, which rose to 5.56 percent in July from 3.75 percent in June, highlighting persistent pressure on food prices.