Nigeria’s inflation rate dropped sharply to 15.43 per cent in July 2026, marking a significant decline from the 24.94 per cent recorded in the corresponding period of 2025, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).

The new figures point to a continued slowdown in the pace of price increases across the economy, offering some relief to households and businesses that have grappled with persistent inflationary pressures over the past year.

Despite the annual decline, prices still edged higher in July compared to the previous month. The NBS reported a month-on-month inflation rate of 1.57 per cent, slightly lower than the 1.66 per cent recorded in June 2026. This suggests that while the cost of goods and services continued to rise, the rate of increase moderated during the month under review.

An analysis of inflation trends over the past 12 months shows a generally downward trajectory, with the headline rate falling steadily from 24.94 per cent in July 2025 to 15.43 per cent in July 2026, although a few periods of fluctuation were recorded along the way.

Advertisement

The latest development comes as the Federal Government and monetary authorities continue efforts aimed at stabilising the economy, improving market confidence and reducing the burden of rising costs on consumers.

Economic observers say the easing inflation rate could signal improving macroeconomic conditions, though many Nigerians are still contending with high living costs despite the slower pace of price growth.

The NBS is expected to release a detailed breakdown of the July inflation figures, including the performance of food and core inflation components, which will provide further insight into the factors driving the latest moderation in consumer prices.