Nigeria’s inflation falls to 15.43% in July as food prices surge

Nigeria’s headline inflation rate fell to 15.43% in July 2026, down from 15.91% in June, according to the Consumer Price Index report released by the National Bureau of Statistics on Monday. The month-on-month inflation rate also eased slightly, coming in at 1.57%, compared to 1.66% in June.

This decline continues a gradual downward trend in overall inflation that has been developing throughout 2026. It is a figure that the Central Bank of Nigeria’s (CBN) Monetary Policy Committee will closely monitor as it considers whether the conditions are appropriate for a rate cut later this year.

However, the headline figure only tells part of the story. Beneath it, food inflation has moved sharply in the opposite direction.

Food inflation slows yearly but surges in July

In July, food inflation was reported at 20.31% year-on-year, down from 26.20% the previous year, showing some improvement over twelve months. However, on a month-to-month basis, food prices surged by 5.56%, a significant jump from 3.75% in June. This sharp increase indicates that food prices are rising more quickly for consumers.

The National Bureau of Statistics (NBS) noted that the price hikes affected a variety of essential food items such as rice, water yam, plantain, fresh pepper, onions, carrots, tomatoes, garri, beef, eggs, guinea corn, ginger, crayfish, and plantain flour. These items are staples for many Nigerian households and impact their monthly food budgets.

Adamawa recorded the highest year-on-year increase in food prices at 51.36%, followed by Katsina at 30.84% and Zamfara at 30.65%. These significant increases highlight the challenges posed by insecurity and disruptions in agriculture in Nigeria’s northwest and northeast regions, where farmers are frequently targeted by armed groups.

Similar read: Nigeria’s inflation rises to 15.93% in May 2026 as food prices remain the biggest driver

Conversely, Borno was the only state with a slight year-on-year decline in food prices at -0.31%. Nasarawa and Kebbi recorded rates of 6.88% and 12.50%, respectively. In Lagos, food inflation reached 13.48%, ranking among the highest alongside Adamawa at 17.02% and Borno at 13.26%. Some states, like Jigawa, Kebbi, and Bauchi, saw actual monthly decreases.

Overall, while the general inflation rate may be easing, the rising food prices month-to-month are a bigger concern for households. This means families, like those in Lagos, are facing higher grocery bills compared to June, which adds financial pressure despite broader macroeconomic improvements.

Also read: CBN holds interest rate at 26.5% as inflation eases