National Bureau of Statistics (NBS) has disclosed that Nigeria’s headline inflation dropped from 15.91 percent in June to 15.43 percent in July 2026.
According to a statement signed by the Statistician General of NBS, Prince Adeyemi Adeniran, the Bureau revealed that “on a year-on-year basis, the headline inflation rate for July 2026 stood at 15.43%, when compared to 15.91% and 24.94% recorded in June 2026 and July 2025, respectively.
“The month-on-month headline inflation rate in July 2026 was 1.57%, which was 0.09% lower than the rate recorded in June 2026 (1.66%).”
In the statement, NBS said “at the divisional level, the three major contributors to the headline inflation were Food and non-alcoholic Beverages: 6.18%, Restaurants & Accommodation Services: 1.99%, and Transport: 1.64%; while the least contributors were Recreation, Sport, and Culture: 0.05%, Alcoholic Beverages, Tobacco, and Narcotics: 0.06%, an Insurance and Financial Services: 0.07%.
“The Food inflation rate in July 2026 was 20.31% on a year-on-year basis, lower than 26.20% recorded in July 2025. Also, on a month-on-month basis, the Food Inflation rate in July 2026 was 5.56%, up by 1.82 percentage points from June 2026 (3.75%).
“This can be attributed to the rate of change in the average prices of Crayfish, Pepper (Fresh), Onions (Fresh), Carrots (Fresh), Rice, Water Yam, Tomatoes (Fresh), Garri, Plantain, Beef, Egg, Guinea Corn, Ginger, Plantain Flour, among others”.
NBS stated that core Inflation, which excludes the prices of volatile agricultural produce and energy, stood at 14.97% in July 2026 on a year-on-year basis. “On a month-on-month basis, the core inflation rate was 0.15% in July 2026, down by 1.51% compared to June 2026 (1.66%).
“The inflation rate of the sub-indices for July 2026 shows that the monthly changes recorded were Farm Produce (4.66%), Energy (-2.39%), Services (0.49%), Goods (1.70%), and Imported Food (1.19%).
“Meanwhile, the inflation rate on a year-on-year basis recorded were as follows: Farm Produce (19.62%), Energy (4.40%), Services (16.00%), Goods (15.33%) and Imported Food (13.24%).
“On a year-on-year basis, the urban inflation rate in July 2026 was 16.12%. On a month-on-month basis, the urban inflation rate was 1.90% in July 2026, down by 0.23% compared to June 2026 (2.13%)”.
The statement noted that the rural inflation rate in July 2026 was 13.77% on a year-on-year basis. “On a month-on-month basis, the rural inflation rate in July 2026 was 0.78%, up by 0.25% compared to June 2026 (0.52%).
“In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns that differ across States and locations. Accordingly, the weight assigned to a particular Food or Non-Food item may differ from State to State, making interstate comparisons of consumption basket inadvisable and potentially misleading.
“In July 2026, the All-Items inflation rate on a Year-on-Year basis was highest in Adamawa (33.03%), Yobe (25.21%), and Anambra (23.99%), while Nasarawa (7.86%), Kebbi (9.12%), and Borno (9.12%) recorded the lowest rise in Headline inflation on a Year-on-Year basis.
“On a Month-on-Month basis, however, July 2026 recorded the highest increases in Adamawa (12.48%), Anambra (9.95%), and Delta (9.54%), while Niger (-5.86%), Enugu (-5.71%), and Kebbi (-4.89%) recorded the lowest rise in the Month-on-Month inflation.
“In July 2026, Food inflation on a Year-on-Year basis was highest in Adamawa (51.36%), Katsina (30.84%), and Zamfara (30.65%), while Borno (-0.31%), Nasarawa (6.88%) and Kebbi (12.50%) recorded the slowest rise in Food inflation on a Year-on-Year basis”
NBS stated further that on a Month-on-Month basis, July 2026 Food inflation was highest in Adamawa (17.02%), Lagos (13.48%) and Borno (13.26%), while Jigawa (-3.68%), Kebbi (-3.67%), and Bauchi (-1.85%) recorded the slowest rise in Food inflation on a Month-on-Month basis.
“The National Bureau of Statistics is pleased to announce the release of the latest Consumer Price Index (CPI) figures for July 2026. Following the completion of the recent rebasing exercise, this report is centred on a new CPI base year of 2024 and a weight reference period of 2023.
“Hence, the Consumer Price Index (CPI) increased to 145.3 in July 2026 and reflects a 2.2-point increase from the preceding month,” the statement noted.