Nigeria’s headline inflation rate dropped to 15.43 per cent in July 2026, down 0.48 percentage points from 15.91 per cent in June.
The figure was disclosed in the Consumer Price Index report released by the National Bureau of Statistics on Monday.
It also represents a major fall from the 24.94 per cent recorded in July 2025, a 9.51 percentage-point decline year-on-year.
However, the Consumer Price Index itself increased to 145.3 points in July from 143.0 points in June.
The NBS said the rise in the index reflected changes in the average prices of goods and services bought by consumers, while the inflation rate measures how quickly those prices increase.
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 rate also eased slightly, falling to 1.57 per cent from 1.66 per cent in June.
The NBS described the CPI as a key measure of changes in the average prices of goods and services commonly bought by consumers. The current CPI uses 2024 as its price reference period.
Despite the lower inflation rate, the rise in the CPI shows that prices continued to increase in July, but at a slower pace than in June.
