Nigeria’s Inflation Drops by 0.48 Points to 15.43%
Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, down from 15.91 per cent recorded in June, according to the latest Consumer Price Index report by the National Bureau of Statistics. The July figure represents a 0.48 percentage-point decline in the annual inflation rate. It also marks a significant reduction from the 24.94 per cent recorded in July 2025, bringing the year-on-year decline to 9.51 percentage points. The latest moderation means the annual pace of price increases slowed during the month, although the prices of goods and services continued to rise. The NBS reported that the overall Consumer Price Index increased to 145.3 points in July, compared with 143.0 points in June. The agency explained that while the CPI measures changes in the average prices of goods and services purchased by consumers, the inflation rate measures the pace at which those prices are increasing. On a month-on-month basis, headline inflation stood at 1.57 per cent in July, compared with 1.66 per cent in June. This represents a decline of 0.09 percentage points, indicating that prices increased at a slightly slower rate during the month. The latest figures therefore show moderation in both the annual inflation rate and the monthly pace of price increases. However, the decline in inflation does not mean that the general cost of goods and services has fallen. Rather, it means prices continued to rise but at a slower pace than previously recorded. The NBS described the CPI as a key economic indicator used to track changes in the average prices of goods and services commonly purchased by consumers. The agency also noted that the current CPI uses 2024 as its price reference period, from which consumer inflation is calculated. The July figures come amid significant changes in Nigeria’s inflation trend over the past year. From 24.94 per cent in July 2025, headline inflation has now declined to 15.43 per cent. Despite the improvement in the inflation rate, the rise in the CPI from 143.0 to 145.3 points confirms that consumers continued to face higher prices in July. The latest data therefore point to slower price growth rather than an outright reduction in the general price level.
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