Nigeria Headline Inflation Drops to 15.91 Percent in June

The National Bureau of Statistics reported that Nigeria's headline inflation rate marginally decreased to 15.91 percent in June 2026, down from 15.93 percent in May. This represents the first decline in inflation since February 2026 and breaks a three-month streak of increases. On a month-on-month basis, the headline inflation rate slowed to 1.66 percent from 1.75 percent in May.

Despite the overall slowdown, food inflation accelerated. The year-on-year food inflation rate rose to 17.52 percent in June from 16.96 percent in May, while the month-on-month food inflation rate climbed to 3.75 percent from 2.98 percent. The agency attributed these increases to rising costs for staples including beef, tomatoes, pepper, garri, crayfish, and yam tubers. Food and non-alcoholic beverages remained the largest contributor to headline inflation.

Core inflation, which excludes volatile agricultural produce and energy, fell to 15.92 percent year-on-year. Regional data showed that Niger state recorded the highest annual all-items inflation rate at 42.23 percent, while Imo state recorded the lowest at 19.47 percent.

These figures were released ahead of the Central Bank of Nigeria's 306th Monetary Policy Committee meeting on July 20-21. During this meeting, officials will decide on interest rates, which the bank had previously maintained at 26.60 percent during its 305th meeting.