Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, representing a 0.48 percentage-point decline from the 15.91 per cent recorded in June.
The latest figure was contained in the Consumer Price Index report released by the National Bureau of Statistics on Monday.
The July inflation rate also marked a sharp decline from the 24.94 per cent recorded in July 2025, indicating a 9.51 percentage-point reduction year-on-year.
The decline, however, came despite an increase in the overall Consumer Price Index, which rose to 145.3 points in July from 143.0 points in June.
The NBS explained that the index increase reflected changes in the average prices of goods and services purchased by consumers, while the inflation rate measured the pace of those price increases.
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).
“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.
“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). 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 month-on-month figure shows that price pressures eased slightly during the month. At 1.57 per cent, the rate was 0.09 percentage points lower than the 1.66 per cent recorded in June.
The latest development means that both the annual headline inflation rate and the monthly pace of price increases moderated in July.
The NBS noted that the CPI is a key macroeconomic indicator used to measure changes in the average prices of goods and services commonly purchased by consumers.
It said the current CPI uses 2024 as its price reference period and that the consumer inflation rate is directly calculated from the index.
The July moderation comes against the backdrop of significant changes in Nigeria’s inflation dynamics over the past year. Headline inflation has fallen by 9.51 percentage points from 24.94 per cent in July 2025 to 15.43 per cent in July 2026.
However, the increase in the CPI from 143.0 to 145.3 points indicates that prices continued to rise in July, even though at a slower rate than in June.
The figures therefore suggest that the decline in the inflation rate should not be interpreted as a fall in the general price level. Rather, it indicates that the pace of price increases slowed during the month.
