Nigeria’s headline inflation fell to 15.91% year-on-year in June

Nigeria’s headline inflation rate edged lower to 15.91% in June 2026, compared to 15.93% recorded in May, according to the latest Consumer Price Index (CPI) report.

The June inflation rate was significantly lower than the 25.29% recorded in June 2025, reflecting a continued moderation in headline price growth on a year-on-year basis.

On a month-on-month basis, headline inflation slowed to 1.66% in June, down from 1.75% in May, indicating a slower pace of price increases compared to the previous month.

According to the National Bureau of Statistics (NBS) data, food inflation remained elevated, rising to 17.52% year-on-year in June.

On a monthly basis, food inflation accelerated to 3.75%, up from 2.98% in May, suggesting renewed pressure on food prices despite the slight moderation in overall inflation.

Urban inflation rate was 16.08% year-on-year, while month-on-month was 2.13%, up by 0.14% compared to 1.99% in May 2026.

The Rural inflation rate in June 2026 was 15.48% on a year-on-year basis, while the month-on-month rate was 0.52%, down by 0.64% when compared to May 2026 (1.17%).

Core inflation, which excludes the prices of volatile agricultural products and energy, stood at 15.92% in June 2026, marking a year-on-year decline of 9.49% when compared to the 25.41% recorded in June 2025.

On a month-on-month basis, the core inflation rate declined by 0.28% to 1.66% in June 2026, compared to May 2026’s 1.94%.

On the state level, food inflation on a Year-on-Year basis was highest in Kogi reaching 53.02% in June 2026, followed by Niger (43.83%), and Benue (40.83%), while Katsina (19.15%), Rivers (23.81%) and Imo (24.60%) recorded the slowest rise in Food inflation on a Year-on-Year basis.

On a Month-on-Month basis, food inflation was highest in Katsina, reaching 16.82%, trailed by Kebbi (9.79%) and Niger (8.96%) Borno recorded the slowest at -3.54%, followed by Benue (-2.36%), and Bayelsa (-1.34%).

Nigeria’s headline inflation rate last month edged higher to 15.93% in May 2026, up from 15.69% in April.

The CPI rose to 140.7 points in May from 138.3 points in April, reflecting sustained inflationary pressures across the economy.

The figures showed that while inflation accelerated on an annual basis, the month-on-month rate eased, suggesting a moderation in the pace of price increases.

The latest data may reinforce expectations that the Central Bank of Nigeria (CBN) could maintain its cautious monetary policy stance in the near term, particularly as headline and core inflation continue to trend lower.

However, the persistence of elevated food inflation remains a major concern, given its direct impact on household purchasing power and the cost of living.