Prices are still high, but for the first time in months Nigerians got a small breather. Inflation has finally slowed down.
The National Bureau of Statistics said on Monday that headline inflation dropped to 15.43% in July 2026, down from 15.91% in June 2026. That is the first back-to-back decline since the CPI rebasing earlier this year.
The announcement came from NBS Chief Executive Officer, Prince Adeyemi Adeniran, in a statement from Abuja. He said the new figures are based on a rebased index with 2024 as the base year and 2023 as the weight reference period.
“The Consumer Price Index rose to 145.3 in July 2026, reflecting a 2.2-point increase from the preceding month,” Adeniran stated.
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Food, Transport and Housing Still Driving the Pain
While the rate is easing, the pressure on households remains real.
The three biggest drivers of inflation were Food and Non-Alcoholic Beverages at 6.18%, followed by Restaurants & Accommodation Services at 1.99%, and Transport at 1.64%.
Food inflation slowed to 20.31% year-on-year compared to 26.20% in July 2025. But month-on-month, food prices actually jumped to 5.56% from 3.75% in June, pushed up by tomatoes, pepper, onions, crayfish, rice, garri, plantain, beef, eggs and ginger.
Core inflation, which strips out volatile food and energy, stood at 14.97% year-on-year.
Month-on-month, headline inflation also eased slightly to 1.57% from 1.66% in June.
What the Numbers Mean for Nigerians
The slowdown offers hope, but markets are not celebrating yet. Accommodation, transport and restaurant costs are still climbing, and the spike in fresh food prices in July shows the battle is far from over.
Adeniran noted the data reflects the new CPI framework and gives a clearer picture of where Nigerians are spending most. For now, the drop from 24.94% in July 2025 to 15.43% this year signals policy adjustments may be gaining traction, but families will feel real relief only when market prices follow.
