Nigeria’s headline inflation saw a decrease in June 2026, marking the first decline since February. This comes as the Central Bank of Nigeria (CBN) is scheduled to decide on the country’s interest rate on July 21.
The National Bureau of Statistics, in its Consumer Price Index and inflation data released on Wednesday, stated that Nigeria’s headline inflation decreased to 15.91 percent in June, down from 15.93 percent in May.
On a month-on-month basis, the country’s headline inflation was 1.66 percent, which was 0.09 percent lower than the rate recorded in May 2026 (1.75 percent).
Meanwhile, food inflation rose to 17.52 percent in June, up from 16.69 percent recorded in May.
On a month-on-month basis, the food inflation rate in June 2026 was 3.75 percent. This is an increase of 0.77 percentage points compared to the 2.98 percent recorded in May 2026.
The NBS stated “The food inflation rate in June 2026 was 17.52 percent on a year-on-year basis.” Indicating that food prices have not yet eased in Nigeria.
The food inflation rate was attributed to changes in the average prices of crayfish, pepper (fresh), tomatoes (fresh), green peas (dried), fresh pepper, yam flour (sold loose), water yam, beef, banana, cassava flour, cowpea, garri, Irish potatoes, yam tuber, among others.
This development occurs as the Central Bank of Nigeria has scheduled its 306th Monetary Policy Committee meeting for July 20-21st to determine the country’s interest rate and other monetary measures. It’s worth remembering that the apex bank maintained an interest rate of 26.60 percent during its 305th MPC meeting.
