12 Things To Note From Nigeria’s July 2026 CPI Report

The National Bureau of Statistics (NBS) has released its Consumer Price Index (CPI) for July 2026, showing a moderation in headline inflation but continued pressure on food prices in several parts of the country.

Here are 12 important takeaways from the report:

1. Headline inflation fell to 15.43%

Nigeria’s headline inflation rate stood at 15.43 per cent in July 2026, down from 15.91 per cent in June.

This represents a 0.48 percentage-point decline, indicating a moderation in the overall rate of price increases.

2. Inflation remains significantly below last year’s level

The July 2026 headline inflation rate was 9.51 percentage points lower than the 24.94 per cent recorded in July 2025.

This shows a substantial year-on-year moderation in inflation, although prices remain considerably higher than they were a year earlier.

3. Prices still increased in July

The moderation in annual inflation does not mean that prices generally fell.

On a month-on-month basis, headline inflation stood at 1.57 per cent in July, compared with 1.66 per cent in June.

In simple terms, prices continued to rise during July, but at a slower monthly pace.

4. Food inflation remains a major concern

Food inflation stood at 20.31 per cent year-on-year in July 2026.

Although this was lower than the 26.20 per cent recorded in July 2025, food prices remain one of the biggest sources of pressure on household budgets.

5. Monthly food inflation accelerated sharply

One of the most important findings is the movement in food prices within the month.

Food inflation rose to 5.56 per cent month-on-month in July, compared with 3.75 per cent in June.

This means that, despite the annual moderation, food prices experienced a considerably faster increase between June and July.

6. Adamawa recorded the highest headline inflation

At state level, Adamawa recorded the highest year-on-year headline inflation at 33.03 per cent.

It was followed by Yobe at 25.21 per cent and Anambra at 23.99 per cent.

This highlights the significant differences in inflationary pressure across the country.

7. Nasarawa recorded the lowest headline inflation

Nasarawa had the lowest year-on-year headline inflation at 7.86 per cent.

Kebbi and Borno followed, with both states recording 9.12 per cent.

The difference between Adamawa’s 33.03 per cent and Nasarawa’s 7.86 per cent shows how uneven the cost-of-living experience can be across Nigerian states.

8. Adamawa also recorded the highest food inflation

Adamawa topped the food inflation table, recording 51.36 per cent year-on-year food inflation.

Katsina followed with 30.84 per cent, while Zamfara recorded 30.65 per cent.

The figures show that food-price pressures are particularly severe in some states.

9. Borno recorded negative annual food inflation

At the other end of the food inflation scale, Borno recorded -0.31 per cent year-on-year food inflation.

Nasarawa recorded 6.88 per cent, while Kebbi posted 12.50 per cent.

A negative food inflation rate indicates that average food prices were marginally lower than in the corresponding period a year earlier.

10. Core inflation also moderated

Core inflation, which excludes volatile agricultural produce and energy prices, stood at 14.97 per cent year-on-year in July.

This was lower than the 23.95 per cent recorded in July 2025.

On a month-on-month basis, core inflation fell to 0.15 per cent, compared with 1.66 per cent in June.

11. Urban and rural Nigerians experienced different inflation pressures

Urban inflation stood at 16.12 per cent year-on-year, while rural inflation was lower at 13.77 per cent.

On a monthly basis, urban inflation was 1.90 per cent, compared with 0.78 per cent for rural areas.

The figures underline the different price pressures facing consumers depending on where they live.

12. The national figure masks major differences across states

Perhaps the biggest lesson from the July CPI is that Nigeria does not have one uniform inflation experience.

While national headline inflation was 15.43 per cent, state-level headline inflation ranged from 7.86 per cent in Nasarawa to 33.03 per cent in Adamawa.

The variation was even wider for food inflation, from -0.31 per cent in Borno to 51.36 per cent in Adamawa.

Bottom line

The July CPI presents a mixed picture.

The good news is that annual headline, food and core inflation all remained below their levels a year earlier, while headline inflation also moderated slightly from June.

The concern, however, is that food prices accelerated significantly on a month-on-month basis, meaning households may still feel substantial pressure at the markets despite the improvement in the annual inflation rate.

In short, inflation is slowing, but the cost of living has not suddenly become cheap.

The July figures show a slower rate of price increases alongside persistent and highly uneven food-price pressures across Nigeria.