BREAKING: NIGERIA’S INFLATION RATE DROPS TO 15.43% IN JULY

Read Time:1 Minute, 57 Second

By:Tajudeen Aminat

Nigeria’s headline inflation rate declined to 15.43 per cent in July 2026, representing a 0.48 percentage-point drop from the 15.91 per cent recorded in June.

The latest figure was disclosed in the Consumer Price Index report released by the National Bureau of Statistics on Monday.

The July inflation rate also represents a significant decline from the 24.94 per cent recorded in July 2025, reflecting a 9.51 percentage-point reduction over the 12-month period.

Despite the moderation in the inflation rate, the overall Consumer Price Index increased to 145.3 points in July from 143.0 points in June.

The NBS explained that the rise in the index reflected changes in the average prices of goods and services purchased by consumers, while the inflation rate measures the pace at which those prices increase.

According to the report, the CPI rose by 2.2 points in July from 143.0 points in the previous month.

The NBS said, “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).”

On a month-on-month basis, headline inflation stood at 1.57 per cent in July, down from 1.66 per cent in June, representing a 0.09 percentage-point decline.

The agency said the month-on-month figure indicated that the average price level increased at a slower pace in July than in the preceding month.

The latest figures mean that both the annual headline inflation rate and the monthly rate of price increases moderated during the month.

The NBS noted that the CPI is a key economic indicator used to measure changes in the average prices of goods and services commonly purchased by consumers.

It added that the current CPI series uses 2024 as its price reference period, with the consumer inflation rate calculated directly from the index.

Although the inflation rate declined, the increase in the CPI from 143.0 to 145.3 points shows that prices continued to rise in July, albeit at a slower pace than in June.

The development therefore indicates a slowdown in the rate of price increases rather than an outright decline in the general price level.