Nigeria's Inflation Rate Drops to 15.43% in July 2026

Nigeria's headline inflation rate fell to 15.43% in July 2026, a decrease of 0.48 percentage points from 15.91% in June 2026, as reported by the National Bureau of Statistics (NBS). This decline represents a significant reduction from the 24.94% recorded in July 2025, marking a 9.51 percentage-point drop year-on-year.

The Consumer Price Index (CPI) rose to 145.3 points in July 2026, up from 143.0 points in June 2026, reflecting changes in the average prices of goods and services purchased by consumers. The month-on-month inflation rate for July 2026 was 1.57%, which is 0.09 percentage points lower than the 1.66% recorded in June 2026.

The NBS emphasized that while the inflation rate has moderated, the increase in the CPI indicates that prices continued to rise, albeit at a slower rate than in the previous month. The current CPI uses 2024 as its price reference period.