Nigeria’s headline inflation eased in June 2026 for the first time in several months, offering a small sign of cooling prices ahead of a key policy decision by the Central Bank of Nigeria on July 21. Data released by the National Bureau of Statistics in its Consumer Price Index and inflation report showed headline inflation slipping to 15.91% in June from 15.93% in May, marking the first decline since February. On a month-to-month basis, headline inflation rose 1.66%—a pace that was 0.09 percentage points lower than the 1.75% recorded in May.
While headline numbers edged down, the cost of food continued to climb. Food inflation increased to 17.52% in June, up from 16.69% in May. Measured month-on-month, food inflation was 3.75% in June, rising by 0.77 percentage points from the 2.98% rate in the previous month. The NBS said the food inflation rate stood at 17.52% year-on-year, underscoring that food prices have not yet eased in Nigeria.
The report linked the ongoing rise in food prices to shifts in average costs across a broad range of items, including crayfish, fresh pepper, fresh tomatoes, dried green peas, fresh pepper, yam flour sold loose, water yam, beef, bananas, cassava flour, cowpeas, garri, Irish potatoes, and yam tubers, among others.
The inflation update arrives as investors look to the central bank for its next move on interest rates and broader monetary policy. The CBN has scheduled July 20–21 for its 306th Monetary Policy Committee meeting, where it will decide on Nigeria’s interest rate and accompanying monetary measures. The previous MPC meeting, the 305th session, ended with the apex bank keeping the interest rate unchanged at 26.60%.
