Nigeria’s headline inflation rate eased for the second consecutive month to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June, even as food inflation accelerated to 20.31 per cent, according to the latest report by the National Bureau of Statistics.
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The NBS report released on Monday showed that the July headline inflation rate was also significantly lower than the 24.94 per cent recorded in July 2025.
Despite the moderation in overall inflation, food inflation rose sharply from 17.52 per cent in June to 20.31 per cent in July, reflecting increases in the average prices of several essential food items.
The Bureau attributed the increase in food inflation to changes in the prices of crayfish, fresh pepper, fresh onions, fresh carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour, among other items.
On a year-on-year basis, food inflation was highest in Adamawa State at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.
At the other end of the scale, Borno recorded -0.31 per cent, while Nasarawa and Kebbi recorded 6.88 per cent and 12.50 per cent, respectively, representing the slowest increases in food inflation.
On a month-on-month basis, food inflation in July was highest in Adamawa at 17.02 per cent, followed by Lagos at 13.48 per cent and Borno at 13.26 per cent.
The lowest month-on-month food inflation rates were recorded in Kebbi at -3.67 per cent, Jigawa at -3.60 per cent and Bauchi at -1.85 per cent.
The NBS further disclosed that headline inflation on a month-on-month basis stood at 1.57 per cent in July, representing a 0.09 percentage point decline from the 1.66 per cent recorded in June.
This means that although prices continued to rise generally in July, the pace of increase in the overall price level was slightly slower than in the preceding month.
At the divisional level, the major contributors to headline inflation were food and non-alcoholic beverages, restaurants and accommodation services, and transport.
The least contributors were recreation, sport and culture; alcoholic beverages, tobacco and narcotics; and insurance and financial services.
Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 14.97 per cent in July 2026 on a year-on-year basis.
On a month-on-month basis, core inflation fell considerably to 0.15 per cent in July, representing a decline of 1.51 percentage points compared with June 2026.
The report also showed differences between inflationary pressures in urban and rural areas.
Urban inflation stood at 16.12 per cent year-on-year in July, while the month-on-month urban inflation rate was 1.90 per cent, declining by 0.23 percentage points from the 2.13 per cent recorded in June.
Rural inflation, meanwhile, stood at 13.77 per cent year-on-year.
On a month-on-month basis, however, rural inflation increased to 0.78 per cent in July, up by about 0.25 percentage points from 0.52 per cent in June.
Across the states, the NBS data showed that headline inflation on a year-on-year basis was highest in Adamawa at 33.03 per cent, followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent.
The lowest year-on-year headline inflation increases were recorded in Nasarawa at 7.86 per cent, while Kebbi and Borno each recorded 9.12 per cent.
On a month-on-month basis, Adamawa again recorded the highest increase at 12.48 per cent, followed by Anambra at 9.95 per cent and Delta at 9.54 per cent.
In contrast, Niger recorded -5.86 per cent, Enugu -5.71 per cent and Kebbi -4.89 per cent, making them the states with the lowest month-on-month headline inflation rates in July.
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