Nigeria's Inflation Rate Drops to 15.91% in June

The National Bureau of Statistics reported that Nigeria's inflation rate dropped to 15.91% in June from 15.93% in May, indicating a slight moderation in price increases. This decline marks the first reduction in the inflation rate after three consecutive months of increases, suggesting that overall inflationary pressures remain largely elevated, albeit at a slower pace.

The Consumer Price Index (CPI) report indicated that the headline inflation slowed to 1.66% in June from 1.75% in May. The CPI index rose by 143.0 points in June compared to 140.7 points in May, reflecting a 2.3-point increase in the general price level.

The average annual headline inflation for the 12 months ending in June 2026 stood at 18.03%, a significant decline from 30.44% recorded in the same period in 2025. However, food inflation increased to 17.52% year-on-year in June, up from 16.96% in May, driven by rising prices of items such as crayfish, fresh pepper, tomatoes, and various tubers.