Inflation Slows to 15.91%, as Food Prices Tighten Grip on Households

• Headline inflation eases marginally to 15.91% in June from 15.93% in May, extending the disinflation trend.

• Food inflation rises to 17.52%, with monthly food prices accelerating to 3.75% despite overall moderation.

• Kogi, Niger and Benue record the highest food inflation rates as analysts expect the CBN to maintain a cautious policy stance.

Nigeria’s headline inflation rate slowed marginally to 15.91 per cent in June 2026, down from 15.93 per cent recorded in May, as the country sustained its gradual disinflation trend. However, rising food prices continued to weigh heavily on household budgets, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS).

The report showed that the June headline inflation figure was significantly lower than the 25.29 per cent recorded in the corresponding period of 2025, signalling continued moderation in annual price growth.

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

Despite the improvement in headline inflation, food prices remained under pressure. The NBS said food inflation rose to 17.52 per cent year-on-year, while the monthly food inflation rate accelerated to 3.75 per cent, compared with 2.98 per cent recorded in May, reflecting renewed increases in the cost of food items.

READ ALSO: Nigeria Must Crush Inflation Now or Risk Total Economic Erosion

The report also showed that urban inflation stood at 16.08 per cent year-on-year, while the monthly urban inflation rate increased to 2.13 per cent from 1.99 per cent in May.

In contrast, rural inflation was 15.48 per cent on a year-on-year basis, with the monthly rate slowing significantly to 0.52 per cent, down from 1.17 per cent in the previous month.

Core inflation, which excludes volatile agricultural produce and energy prices, moderated to 15.92 per cent year-on-year in June from 25.41 per cent recorded in June 2025. On a monthly basis, core inflation declined to 1.66 per cent, compared with 1.94 per cent in May.

Across the states, 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 at 16.82 per cent, ahead of 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 the slowest monthly food inflation rates.

The latest figures come after headline inflation edged up to 15.93 per cent in May from 15.69 per cent in April, with the CPI increasing to 140.7 points from 138.3 points.

Analysts believe the continued moderation in headline and core inflation could reinforce expectations that the Central Bank of Nigeria (CBN) will retain its cautious monetary policy stance. However, they warn that persistently high food inflation remains a major threat to household purchasing power and the overall cost of living, with attention now focused on whether exchange-rate stability, improved food supply and ongoing agricultural interventions can sustain the easing inflation trend in the second half of 2026.