Nigeria’s headline inflation rate eased slightly to 15.91 per cent in June 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The latest figure represents a marginal decline of 0.02 percentage points from the 15.93 per cent recorded in May 2026, signalling a gradual moderation in overall consumer price growth.

On a year-on-year basis, inflation recorded a significant improvement compared with 25.29 per cent in June 2025, reflecting a substantial slowdown in the pace of price increases over the past year.

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The NBS report also showed that headline inflation on a month-on-month basis slowed to 1.66 per cent in June, down from 1.75 per cent in May.

According to the bureau, the monthly figure indicates that the average price level increased at a slower pace between May and June than it did in the previous month.

“The month-on-month headline inflation rate in June 2026 was 1.66 per cent, which was 0.09 percentage points lower than the rate recorded in May 2026 at 1.75 per cent,” the report stated.

The data suggests that while prices continued to rise across the economy, the rate of increase slowed slightly during the review period.

The report identified food and non-alcoholic beverages as the largest contributors to headline inflation, accounting for 6.37 percentage points.

Restaurants and accommodation services contributed 2.06 percentage points, while transport accounted for 1.70 percentage points, underscoring the continued impact of food and mobility costs on household spending.

The least significant contributors to inflation were recreation, sports and culture (0.05 percentage points), alcoholic beverages, tobacco and narcotics (0.06 percentage points), and insurance and financial services (0.07 percentage points).

The figures indicate that expenditure on food, transportation and hospitality remained the primary drivers of inflation despite the overall moderation in consumer prices.

While annual food inflation declined considerably, the cost of food increased more rapidly on a monthly basis.

The NBS reported that food inflation stood at 17.52 per cent year-on-year in June 2026, lower than the 25.41 per cent recorded during the same period in 2025.

However, month-on-month food inflation rose sharply to 3.75 per cent in June from 2.98 per cent recorded in May.

“On a month-on-month basis, the food inflation rate in June 2026 was 3.75 per cent, up by 0.77 percentage points from May 2026 at 2.98 per cent,” the bureau stated.

The increase was attributed to higher average prices of several food items, including crayfish, fresh pepper, fresh tomatoes, dried green peas, yam flour, water yam, beef, bananas, cassava flour, cowpeas, garri, Irish potatoes and yam tubers.

The data highlights the continued pressure on household budgets as prices of essential food commodities remain elevated.

Core Inflation Continues Downward Trend

Core inflation, which excludes volatile agricultural produce and energy prices, also recorded a decline.

According to the NBS, core inflation stood at 15.92 per cent year-on-year in June 2026, compared with 25.41 per cent recorded in June 2025.

On a month-on-month basis, core inflation slowed to 1.66 per cent, down from 1.94 per cent in May.

“On a month-on-month basis, the core inflation rate was 1.66 per cent in June 2026, down by 0.28 percentage points compared to May 2026 at 1.94 per cent,” the bureau noted.

Core inflation is regarded as an important indicator of underlying price pressures because it excludes products whose prices are prone to seasonal or temporary fluctuations.

Twelve-Month Average Inflation Falls

The NBS further disclosed that the average Consumer Price Index for the twelve months ending June 2026 increased by 18.82 per cent, compared with the corresponding average of the previous twelve-month period.

This represents a decline of 8.05 percentage points from the 26.88 per cent recorded in June 2025.

Although the latest report points to a sustained easing in annual inflationary pressures, the acceleration in monthly food inflation suggests that many Nigerians continue to grapple with rising prices of staple foods and other essential household items.