Nigeria’s headline inflation rate fell to 15.43 per cent in July 2026, but rising food prices continue to put pressure on households across the country, according to the latest Consumer Price Index report by the National Bureau of Statistics.
The July inflation rate declined by 0.48 percentage points from 15.91 per cent recorded in June, while core inflation also dropped to 14.97 per cent.
Development economist and public policy analyst, Prof. Ken Ife, said the figures presented a mixed picture, describing the situation as a paradox because the overall inflation rate was slowing while food prices were increasing.
According to Ife, lower energy prices and relative stability in the foreign exchange market contributed to the decline in headline inflation. He also noted that there was no increase in electricity tariffs during the month, while fluctuations in petrol prices influenced the overall figure.
Food inflation, however, rose significantly on a month-on-month basis to 5.56 per cent in July from 3.75 per cent in June. Although year-on-year food inflation fell to 20.31 per cent from 26.20 per cent recorded in July 2025, the monthly increase points to continuing pressure on consumers.
Ife attributed the increase to higher farm-gate prices, imported processed food costs and disruptions across the supply chain. He also pointed to rising maritime insurance and transportation expenses as factors contributing to higher food prices.
Regional differences were also significant. Urban inflation stood at 16.12 per cent in July, compared with 13.77 per cent in rural areas, highlighting the impact of transportation costs on the movement of food from farms to urban markets.
Adamawa recorded the highest inflation rate among states, with headline inflation reaching 33.03 per cent and food inflation climbing to 51.36 per cent. Ife described the situation as an “alarm bell” and called for urgent measures to improve food supply and cushion the impact on residents.
