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The National Bureau of Statistics (NBS), in a statement yesterday, recorded that the headline inflation rate for July 2026 dipped to 15.43 per cent from June’s 15.91 per cent.
In a statement, the Statistician-General of the Federation (SG), Prince Adeyemi Adeniran, said that the month-on-month headline inflation rate in July 2026 was 0.09 percentage points lower than the rate recorded in June 2026 (1.66 per cent).
According to him, the three major contributors to headline inflation were food and non-alcoholic beverages: 6.18 per cent; restaurants and accommodation services: 1.99 per cent; and transport: 1.64 per cent; while the least contributors were recreation, sport and culture: 0.05 per cent; alcoholic beverages, tobacco and narcotics: 0.06 per cent.
Other contributors included insurance and financial services: 0.07 per cent.
Adeniran stated that the food inflation rate in July 2026 was 20.31 per cent on a year-on-year basis, lower than the 26.20 per cent recorded in July 2025. Also, on a month-on-month basis, the food inflation rate in July 2026 was 5.56 per cent, up by 1.82 percentage points from June 2026 (3.75 per cent).
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“This can be attributed to the rate of change in the average prices of crayfish, pepper (fresh), onions (fresh), carrots (fresh), rice, water yam, tomatoes (fresh), garri, plantain, beef, egg, guinea corn, ginger, plantain flour, among others. Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 14.97 per cent in July 2026 on a year-on-year basis,” he said.
The SG also explained that on a month-on-month basis, the core inflation rate was 0.15 per cent in July 2026, down by 1.51 per cent compared to June 2026 (1.66 per cent). As for the newly introduced indices, the inflation rate of the sub-indices for July 2026 showed that the monthly changes recorded were farm produce (4.66 per cent), energy (-2.39 per cent), services (0.49 per cent), goods (1.70 per cent) and imported food (1.19 per cent).
Meanwhile, the SG noted that the inflation rates on a year-on-year basis were farm produce (19.62 per cent), energy (4.40 per cent), services (16.00 per cent), goods (15.33 per cent) and imported food (13.24 per cent).
Considering urban and rural inflation rates, he maintained that on a year-on-year basis, the urban inflation rate in July 2026 was 16.12 per cent. On a month-on-month basis, the urban inflation rate was 1.90 per cent in July 2026, down by 0.23 per cent compared to June 2026 (2.13 per cent). The rural inflation rate in July 2026 was 13.77 per cent on a year-on-year basis. On a month-on-month basis, the rural inflation rate in July 2026 was 0.78 per cent, up by 0.25 per cent compared to June 2026 (0.52 per cent).
