Inflation Slows to 15.91% as Rising Food Prices Keep Pressure on Households

By Opeyemi Adelakun

Nigeria’s headline inflation rate slowed marginally to 15.91 per cent in June 2026, compared with 15.93 per cent recorded in May, as the country sustained its gradual disinflation trend, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The latest figure represents a significant improvement from the 25.29 per cent recorded in June 2025, reflecting a continued moderation in annual price growth.

On a month-on-month basis, headline inflation also eased to 1.66 per cent in June from 1.75 per cent in May, indicating that the pace of price increases slowed during the period.

However, the report showed that food prices remained under pressure. Food inflation rose to 17.52 per cent year-on-year, while the monthly food inflation rate accelerated to 3.75 per cent, up from 2.98 per cent in May, suggesting that households continued to face rising food costs despite the moderation in overall inflation.

The NBS report indicated that urban inflation stood at 16.08 per cent year-on-year, while the monthly urban inflation rate increased to 2.13 per cent, compared with 1.99 per cent in May.

Meanwhile, rural inflation was 15.48 per cent year-on-year, with the monthly rate slowing significantly to 0.52 per cent from 1.17 per cent recorded in the previous month.

Core inflation, which excludes the prices of volatile agricultural produce and energy, moderated to 15.92 per cent in June, representing a decline from 25.41 per cent recorded in the corresponding period of 2025. On a monthly basis, core inflation eased to 1.66 per cent, compared with 1.94 per cent in May.

State-by-state analysis showed that Kogi recorded the highest year-on-year food inflation rate at 53.02 per cent, followed by Niger (43.83 per cent) and Benue (40.83 per cent). The slowest increases were recorded in Katsina (19.15 per cent), Rivers (23.81 per cent) and Imo (24.60 per cent).

On a month-on-month basis, Katsina posted the highest food inflation rate at 16.82 per cent, followed by Kebbi (9.79 per cent) and Niger (8.96 per cent). Borno (-3.54 per cent), Benue (-2.36 per cent) and Bayelsa (-1.34 per cent) recorded declines in monthly food prices.

The latest figures come after Nigeria’s headline inflation increased slightly to 15.93 per cent in May from 15.69 per cent in April, with the CPI rising to 140.7 points from 138.3 points.

Analysts said the latest data could strengthen expectations that the Central Bank of Nigeria (CBN) will retain its cautious monetary policy stance as headline and core inflation continue to moderate.

They, however, warned that persistently high food inflation remains a major concern due to its direct impact on household purchasing power and the cost of living, even as attention shifts to whether exchange-rate stability, lower energy costs, improved food supply and ongoing agricultural interventions can sustain the easing inflation trend in the second half of 2026.