Nigeria’s headline inflation rate eased to 15.43 per cent in July 2026, extending the recent moderation in price pressures.
The latest figure, released by the National Bureau of Statistics (NBS) on Monday, August 17, represents a 0.48 percentage-point decline from the 15.91 per cent recorded in June.
It also marks a significant improvement from the 24.94 per cent headline inflation rate recorded in July 2025, representing a 9.51 percentage-point decline over the 12-month period.
Despite the lower inflation rate, the average price level continued to rise during the month. The Consumer Price Index, which measures changes in the prices of goods and services purchased by households, increased from 143.0 points in June to 145.3 points in July.
The NBS explained that while the CPI tracks the level of consumer prices, the inflation rate measures how quickly those prices are changing.
The report stated: “The Consumer Price Index (CPI) increased to 145.3 in July 2026, reflecting a 2.2-point increase from the preceding month (143.0).
“In July 2026, the Headline inflation rate stood at 15.43 per cent, down from 15.91 per cent in June 2026 and stood at 24.94 per cent in the same month of the preceding year (July 2025).
“Looking at the movement, the July 2026 Headline inflation rate decreased by 0.48 per cent compared to the June 2026 Headline inflation rate.
“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57 per cent, which was 0.09 per cent lower than the rate recorded in June 2026 (1.66 per cent).
READ ALSO: FG Admits Inflation, Insecurity Persist, Defends Tinubu’s Reforms Ahead of 2027
“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026.”
The month-on-month inflation figure also showed a modest easing in price pressures. At 1.57 per cent, it was 0.09 percentage points below the 1.66 per cent recorded in June.
Taken together, the figures indicate that consumer prices continued to increase in July, but at a slower pace than the previous month.
The development also means headline inflation has declined substantially over the past year, dropping from 24.94 per cent in July 2025 to 15.43 per cent in July 2026.
However, the rise in the CPI from 143.0 to 145.3 points is important. It means the lower inflation rate does not represent a reduction in the prices of goods and services. Rather, it shows that prices are still rising, but the rate at which they are increasing has slowed.
The NBS described the CPI as a key macroeconomic indicator for tracking changes in the average prices of goods and services commonly purchased by consumers.
The bureau added that the current CPI series uses 2024 as its price reference period, with the consumer inflation rate calculated directly from the index.
For households, therefore, the July figures point to some easing in the pace of inflation, rather than cheaper goods and services.
”The distinction remains important as Nigerians continue to contend with elevated living costs despite the year-on-year moderation in inflation.