Nigeria’s headline inflation rate fell further in July 2026, dropping to 15.43 per cent from 15.91 per cent recorded in June, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).

The NBS disclosed the figure in its Consumer Price Index and Inflation Report released on Monday, August 17, 2026. According to the statistical agency, headline inflation also stood at 1.57 per cent on a month-on-month basis in July, while food inflation was recorded at 5.56 per cent month-on-month.

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The latest decline represents a 0.48 percentage-point reduction in the headline inflation rate compared with the previous month. The development indicates a further moderation in the pace at which the general price level increased during the period, although the NBS figures still show continued pressure on household food and other consumer expenses.

CBN Maintains 26.5% Interest Rate

The latest inflation figures come against the backdrop of the Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 26.5 per cent.

CBN Governor Olayemi Cardoso announced the decision following the 305th meeting of the Monetary Policy Committee in Abuja. The committee retained the MPR at 26.5 per cent for the second consecutive time.

The MPC also maintained the asymmetric corridor at +500/-100 basis points, while the Cash Reserve Ratio remained at 45 per cent for Deposit Money Banks and 16 per cent for Merchant Banks. The liquidity ratio was also retained at 30 per cent.

Cardoso said the decision followed an assessment of domestic economic conditions and emerging global risks, including renewed hostilities in the Middle East and their potential impact on global commodity prices.

The CBN governor noted that although Nigeria’s headline inflation had recorded a marginal decline in June, the evolving global economic environment required the monetary authorities to maintain a cautious approach to monetary policy.