The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate dropped to 15.43 per cent in July.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July released in Abuja on Monday
The report said that the July headline inflation rate showed a decrease of 0.48 per cent compared to the June 2026 headline inflation rate of 15.91 per cent.
Furthermore, the report said 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 at 1.66 per cent.
“This means that in July, the rate of increase in the average price level was lower than the rate of increase in the average price level in June,” it said.
The report said on a year-on-year basis, the headline inflation rate in July stood at 15.43 per cent, compared to the 24.94 per cent recorded in July 2025.
It said that the three major contributors to the headline inflation year- on- year were food and non-alcoholic beverages at 6.18 per cent, restaurants and accommodation services at 1.99 per cent, and transport at 1.64 per cent.
It said that the least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at 0.06 per cent, and insurance and financial services at 0.07 per cent.
“The CPI increased to 145.3 in July, and reflected a 2.2 -point increase from the 143.0 recorded in June,” it said.
The report said the food inflation rate in July was 20.31 per cent on a year-on-year basis, compared to the rate recorded in June 2025 at 26.20 per cent.
It said that on a month-on-month basis, the food inflation rate in July was 5.56 per cent, which increased by 1.82 per cent compared to the 3.75 per cent recorded in June.
The NBS attributed the rise in food inflation to the rate of change in the average prices of crayfish, fresh pepper, onions, carrots, rice, and water yam.
“Others are fresh tomatoes, garri, plantain, beef, egg, guinea corn, ginger and plantain flour, among others.”
The report said that all items less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 14.97 per cent in July on a year-on-year basis.
“This shows a decline of 8.98 per cent when compared to the 23.95 per cent recorded in July 2025.
“On a month-on-month basis, the core inflation rate was 0.15 per cent in July which decreased by 1.51 per cent compared to the 1.66 per cent recorded in June,” it said.
The report said that the inflation rate of the sub-indices for July on a month-on-month basis showed that energy stood at -2.39 per cent compared to -7.54 per cent in June.
It said farm produce stood at 4.66 per cent compared to 4.42 per cent in June, while services stood at 0.49 per cent compared to the 1.60 per cent recorded in June.
“Goods stood at 1.70 per cent compared to the 1.94 per cent recorded in June, while imported food stood at 1.19 per cent compared to the 1.73 per cent recorded in June.”
It said that on a year-on-year basis in July, the urban inflation rate was 16.12 per cent.
“On a month-on-month basis, the urban inflation rate was 1.90 per cent, which decreased by 0.23 per cent compared to June 2026 at 2.13 per cent.”
The report said that in July 2026, rural inflation rate was 13.77 per cent on a year-on-year basis.
“On a month-on-month basis, the rural inflation rate was 0.78 per cent, which increased by 0.25 per cent compared to June at 0.52 per cent.”
On states’ profile analysis, the report showed that in July, the all-items index inflation rate on a year-on-year basis was highest in Adamawa at 33.03 per cent, followed by Yobe at 25.21per cent and Anambra at 23.99 per cent.
It said that the lowest rise in headline inflation on a year-on-year basis was recorded in Nasarawa at 7.86 per cent, followed by Kebbi at 9.12 per cent and Borno at 9.12 per cent.
However, the report said that in July, the inflation rate on a month-on-month basis was highest in Adamawa at 12.48 per cent, followed by Anambra at 9.95 per cent and Delta at 9.54 per cent.
“Niger at -5.86 per cent, followed by Enugu at -5.71 per cent and Kebbi at -4.89 per cent recorded a decline in month-on-month inflation.”
The report said that on a year-on-year basis, food inflation was highest in Adamawa at 51.36 per cent, followed by Katsina at 30.84 per cent, and Zamfara 30.65 per cent.
“Borno at -0.31 per cent, followed by Nasarawa at 6.88 per cent and Kebbi at 12.50 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
It said that on a month-on-month basis, food inflation was highest in Adamawa at 17.02 per cent, followed by Lagos at 13.48 per cent, and Borno at 13.26 per cent.
“Jigawa at -3.68 per cent, followed by Kebbi at -3.67 per cent and Bauchi at -1.85 per cent, recorded a decline in food inflation on a month-on-month basis.”