By Seun Ibiyemi
Nigeria’s headline inflation rate eased to 15.43 per cent in July 2026, but households continued to face renewed pressure from rising food prices, which accelerated sharply on a month-on-month basis.
The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index report for July 2026 released on Monday.
According to the report, headline inflation declined by 0.48 percentage points from 15.91 per cent recorded in June 2026.
However, food inflation, which has a direct impact on household welfare, rose to 5.56 per cent month-on-month in July from 3.75 per cent in June, representing a 1.82 percentage-point increase.
The NBS attributed the increase to higher average prices of several food items, including crayfish, fresh pepper, onions, carrots, rice, water yam, tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
On a year-on-year basis, food inflation moderated to 20.31 per cent in July, significantly lower than the 26.20 per cent recorded in July 2025.
The statistics agency said, “The Food inflation rate in July 2026 was 20.31 per cent on a year-on-year basis and stood at 26.20 per cent in the same month of the preceding year (July 2025).
On a month-on-month basis, the Food inflation rate in July 2026 was 5.56 per cent, up by 1.82 percentage points from June 2026 (3.75 per cent).”
The latest figures indicate a divergence between annual inflation trends and short-term food price movements, with the overall pace of price increases slowing while food prices rose at a significantly faster rate during the month.
Meanwhile, core inflation, which excludes volatile agricultural products and energy, also moderated.
Core inflation fell to 14.97 per cent year-on-year in July from 23.95 per cent recorded a year earlier. On a month-on-month basis, it declined to 0.15 per cent from 1.66 per cent in June.
The NBS said the “All items less farm produce and energy” or core inflation rate stood at 14.97 per cent in July, representing a significant decline from the 23.95 per cent recorded in July 2025.
The Consumer Price Index, which measures changes in the prices of goods and services, rose to 145.3 points in July from 143.0 points in June, representing a 2.2-point increase.
Despite the increase in the index, monthly headline inflation slowed to 1.57 per cent in July from 1.66 per cent in June.
The NBS explained that the decline in monthly headline inflation meant that the rate of increase in the average price level was slower in July than in June.
The 12-month average headline inflation rate also fell sharply to 16.89 per cent in July from 29.10 per cent recorded in July 2025.
Food Inflation Varies Across States
The NBS data showed significant variations in food price pressures across the country.
Adamawa recorded the highest year-on-year food inflation rate at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.
At the other end of the scale, Borno recorded negative food inflation of 0.31 per cent, while Nasarawa and Kebbi recorded 6.88 per cent and 12.50 per cent, respectively.
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On a month-on-month basis, Adamawa also recorded the highest food inflation at 17.02 per cent, followed by Lagos at 13.48 per cent and Borno at 13.26 per cent.
Jigawa, Kebbi and Bauchi, however, recorded declines in food prices during the month.
The latest inflation figures come amid ongoing efforts by the Federal Government and monetary authorities to moderate inflation following the sharp increase in living costs triggered by economic reforms introduced since 2023.
While the continued decline in headline and core inflation suggests easing underlying price pressures, the sharp month-on-month increase in food inflation highlights the persistent challenge facing households and policymakers, particularly in controlling the cost of essential food items.
