Nigeria’s headline inflation rate declined to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June, according to the National Bureau of Statistics.
The latest figure represents a 0.48 percentage-point reduction month-on-month and a significant 9.51 percentage-point decline compared with the 24.94 per cent recorded in July 2025.
The NBS disclosed this in its Consumer Price Index report released on Monday.
Despite the decline in the inflation rate, the overall Consumer Price Index increased from 143.0 points in June to 145.3 points in July, indicating that the average prices of goods and services continued to rise, although at a slower pace.
The statistics agency explained that the CPI measures changes in the average prices of goods and services purchased by consumers, while the inflation rate reflects the speed at which those prices are increasing.
The report 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 a month-on-month basis, headline inflation stood at 1.57 per cent in July, compared with 1.66 per cent in June.
According to the NBS, the 0.09 percentage-point decline indicates that the pace at which prices increased during the month was slower than in June.
The agency stated, “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.”
It added, “The July 2026 Headline inflation rate decreased by 0.48 per cent compared to the June 2026 Headline inflation rate.”
The latest data shows that Nigeria’s annual inflation rate has fallen considerably over the past year, declining from 24.94 per cent in July 2025 to 15.43 per cent in July 2026.
However, the increase in the CPI means consumers should not interpret the lower inflation rate as a reduction in the prices of goods and services.
Rather, the figures indicate that prices are still rising, but the rate of increase has slowed compared with the previous month.
The NBS noted that the CPI is a key economic indicator used to monitor changes in consumer prices. The current index uses 2024 as its reference period for measuring inflation.
