Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, extending the recent easing in consumer price growth, even as rising food prices continued to put pressure on households across the country, according to the National Bureau of Statistics’ Consumer Price Index report released on Monday, August 17, 2026.

The latest figure represents a 0.48 percentage-point decline from the 15.91 per cent recorded in June.

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It is also substantially below the 24.94 per cent recorded in July 2025, pointing to a marked moderation in annual inflation over the past year.

However, the improvement in headline inflation does not mean that prices generally fell. On a month-on-month basis, inflation stood at 1.57 per cent in July, compared with 1.66 per cent in June.

The figure means that average prices continued to rise, although at a slower pace than in the previous month.

The more difficult picture emerged from food prices. Food inflation climbed to 20.31 per cent year-on-year in July, while the monthly rate rose sharply to 5.56 per cent from 3.75 per cent in June.

The NBS attributed the monthly increase in food prices to movements in the prices of several staples and food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.

The figures underline a central tension in the latest inflation data. While the broader rate is moving in a more favourable direction, the cost of food, which remains a major concern for many Nigerian households, continues to rise.

There are also significant differences across the country. Adamawa recorded the highest year-on-year food inflation at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent. Borno recorded a negative 0.31 per cent rate, while Nasarawa recorded 6.88 per cent.

The NBS figures also showed that core inflation, which excludes volatile agricultural produce and energy, stood at 14.97 per cent year-on-year in July. On a monthly basis, core inflation was 0.15 per cent.

Transport and food costs remain important considerations in understanding Nigeria’s inflationary pressures.

The International Monetary Fund has previously noted that domestic food prices are affected by factors including climate-related disruptions, exchange-rate movements and fuel-related transport costs.

The country’s inflation statistics also need to be viewed against the NBS’s recent rebasing of the Consumer Price Index.

The IMF noted that the 2025 rebasing changed the composition and weights of the inflation basket, including a substantial reduction in the weight assigned to food.

This means comparisons with older inflation figures should be interpreted with some caution.

Even with that statistical context, the July figures offer some encouraging news for policymakers.

The continued decline in headline inflation suggests that the pace of general price increases is moderating, although the improvement has yet to translate evenly into the cost of everyday essentials.

For households, particularly those spending a large share of their income on food, the experience can therefore feel different from the national headline figure.

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The latest Nigeria inflation falls to 15.43% report presents a mixed picture: a welcome slowdown in overall inflation alongside a powerful reminder that food affordability remains one of the country’s most immediate economic challenges.