Nigeria's Food Inflation Hits 17.52% Driven by Edible Oil

In June 2026, Nigeria's food inflation reached 17.52%, marking a fifth consecutive monthly increase, with edible oil experiencing one of the sharpest price hikes. The Price and Promo FMCG Momentum Dashboard indicated that 72% of tracked food products showed no price movement, while 13% increased and 15% decreased.

The National Bureau of Statistics reported a 0.56 percentage point rise in food inflation from May. Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, stated that food prices resumed an upward trend after a brief moderation, with year-on-year food inflation increasing from 17.43% to 17.52%.

Month-on-month food inflation surged from 2.98% to 3.75%. Yusuf attributed the inflation challenges to structural issues, including insecurity, high transportation costs, and supply chain disruptions.

He noted that food, transportation, housing, utilities, and energy account for approximately 72% of current inflationary pressures, urging targeted interventions in these sectors.