Nigeria’s headline inflation rate eased marginally to 15.91 per cent in June 2026, down from 15.93 per cent in May, extending the gradual slowdown in overall price growth despite persistent increases in food costs.
The latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) shows that inflation remains significantly lower than the 25.29 per cent recorded in June 2025, reflecting sustained moderation in annual price pressures.
On a month-on-month basis, headline inflation also slowed to 1.66 per cent, compared with 1.75 per cent in May, indicating that prices continued to rise, but at a slower pace.
Despite the slight improvement in headline inflation, food prices continued to rise sharply.
According to the NBS, food inflation increased to 17.52 per cent year-on-year in June, while monthly food inflation accelerated to 3.75 per cent, up from 2.98 per cent in May, signalling renewed pressure on household food costs.
The report also showed varying inflation trends across urban and rural areas.
Urban inflation stood at 16.08 per cent year-on-year, while monthly urban inflation rose to 2.13 per cent, compared with 1.99 per cent in May.
In contrast, rural inflation came in at 15.48 per cent year-on-year, with the monthly rate slowing to 0.52 per cent from 1.17% in the previous month.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 15.92 per cent in June, a sharp decline from 25.41 per cent recorded in the same period last year.
On a monthly basis, core inflation eased to 1.66%, down from 1.94 per cent in May, suggesting underlying inflationary pressures are gradually weakening.
State-level data revealed significant disparities in food inflation.
On a year-on-year basis, Kogi State recorded the highest food inflation rate at 53.02 per cent, followed by Niger (43.83%) and Benue (40.83%).
The lowest annual food inflation rates were recorded in Katsina (19.15%), Rivers (23.81%), and Imo (24.60%).
On a month-on-month basis, Katsina recorded the fastest rise in food prices at 16.82 per cent, followed by Kebbi (9.79%) and Niger (8.96%).
Meanwhile, Borno (-3.54%), Benue (-2.36%), and Bayelsa (-1.34%) recorded declines in monthly food inflation.
The latest figures reinforce signs that inflationary pressures are gradually easing, a trend that could influence the Central Bank of Nigeria’s monetary policy decisions in the coming months.
However, the continued rise in food inflation remains a major challenge for households, as higher food costs continue to erode purchasing power despite improvements in headline inflation.
Analysts will be watching whether exchange rate stability, improved agricultural output, lower energy costs and ongoing government interventions can sustain the disinflation trend through the second half of 2026.
