Nigeria’s headline inflation rate dropped to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June, according to the latest data released by the National Bureau of Statistics (NBS).
The figure represents a 0.48 percentage-point decline month-on-month and a significant 9.51 percentage-point drop compared with the 24.94 per cent recorded in July 2025.
The NBS disclosed this in its Consumer Price Index report released on Monday, noting that the moderation in inflation occurred despite a continued rise in the overall price level.
According to the report, the Consumer Price Index increased to 145.3 points in July from 143.0 points in June, representing a 2.2-point increase.
The bureau explained that while the CPI tracks changes in the average prices of goods and services purchased by consumers, the inflation rate measures the pace at which those prices increase.
The NBS stated, “The Consumer Price Index (CPI) increased to 145.3 in July 2026, reflecting a 2.2-point increase from the preceding month (143.0).”
On the headline inflation rate, the bureau said, “In July 2026, the Headline inflation rate stood at 15.43 per cent, down from 15.91 per cent in June 2026 and stood at 24.94 per cent in the same month of the preceding year (July 2025). Looking at the movement, the July 2026 Headline inflation rate decreased by 0.48 per cent compared to the June 2026 Headline inflation rate.”
The monthly inflation rate also moderated during the period, falling to 1.57 per cent in July from 1.66 per cent in June.
“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57 per cent, which was 0.09 per cent lower than the rate recorded in June 2026 (1.66 per cent),” the NBS said.
“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026.”
The latest figures indicate that the pace of price increases slowed both on an annual and monthly basis in July.
However, the rise in the CPI from 143.0 to 145.3 points shows that the general price level continued to increase during the month.
The NBS described the CPI as a key macroeconomic indicator used to measure changes in the average prices of goods and services commonly purchased by consumers.
The bureau also stated that the current CPI series uses 2024 as its price reference period, with the consumer inflation rate calculated directly from the index.
The July data mark a substantial year-on-year moderation in headline inflation, which has declined from 24.94 per cent in July 2025 to 15.43 per cent in July 2026.
The figures, however, do not mean that goods and services became cheaper in July. Rather, they indicate that prices continued to rise but at a slower rate than in the preceding month.
