Nigeria's Inflation Rate Drops to 15.91% Amid Rising Food Costs

The National Bureau of Statistics reported that Nigeria's inflation rate fell slightly to 15.91% in June 2026 from 15.93% in May 2026. This represents a month-on-month decrease of 1.66% from June and 1.75% from May.

Despite this overall decline, food prices continued to rise, with food inflation recorded at 17.52% year-on-year and accelerating to 3.75% month-on-month in June, compared to 2.98% in May. Chief of Staff Femi Gbajabiamila stated in Abuja that the current minimum wage of N70,000, introduced under President Bola Tinubu's administration, is no longer sufficient to meet the economic demands faced by citizens.

He emphasized the need for a thorough reevaluation of the living standards of Nigerian workers in light of the current fiscal environment.