Nigeria’s headline inflation rate eased marginally to 15.91 per cent in June 2026, down from 15.93 per cent in May, according to the latest Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS). The slight decline signals a slower pace of overall price increases, although households continue to grapple with rising food costs driven by higher prices of key staples.
The latest figures also represent a sharp improvement from the 25.29 per cent inflation rate recorded in June 2025, reflecting the continued moderation in annual consumer price growth following changes to the country’s inflation measurement methodology earlier this year. Month-on-month inflation also slowed to 1.66 per cent from 1.75 per cent in May, indicating that prices still increased during June but at a slower rate than the previous month.
The Consumer Price Index rose to 143.0 points in June from 140.7 in May, showing that while inflation is easing, the general price level across the economy remains elevated. Brandspur Banking News Desk reports that the moderation in headline inflation comes after several months of gradual easing, even as Nigerians continue to contend with the high cost of living and persistent increases in the prices of essential goods.
Food inflation remained the biggest pressure point in the economy. The annual food inflation rate stood at 17.52 per cent, while monthly food inflation accelerated to 3.75 per cent, up from 2.98 per cent in May. The increase was largely attributed to higher prices of tomatoes, fresh pepper, beef, garri, yam, cassava flour, cowpea, bananas, Irish potatoes and other commonly consumed food items.
Food and non-alcoholic beverages continued to account for the largest share of headline inflation, followed by restaurants and accommodation services, transport, housing and utilities, education, and healthcare. The data suggest that despite slower overall inflation, consumers are still facing considerable pressure in sectors that directly affect daily living expenses.
Core inflation, which excludes volatile agricultural produce and energy prices, also moderated. It fell to 15.92 per cent year-on-year, while the monthly core inflation rate declined to 1.66 per cent from 1.94 per cent in May, pointing to easing price pressures beyond food and fuel.
The NBS report showed notable differences across states. Niger State recorded the highest annual headline inflation rate at 42.23 per cent, followed by Kogi at 41.59 per cent and the Federal Capital Territory at 39.91 per cent. On the other hand, Imo, Ebonyi, and Katsina posted the lowest annual inflation rates. Kogi also recorded the highest food inflation rate nationwide, while Katsina had the lowest.
Urban inflation stood at 16.08 per cent, compared with 15.48 per cent in rural areas. While urban monthly inflation rose to 2.13 per cent, rural monthly inflation slowed significantly to 0.52 per cent, highlighting differences in price movements between cities and rural communities.
The June inflation data comes as Nigeria continues to adjust to broader economic reforms, including exchange rate liberalisation, higher energy costs and transport expenses. Although the latest figures indicate that inflationary pressures are gradually easing, the sustained increase in food prices suggests many households may not yet experience meaningful relief in their everyday spending. Economists are expected to monitor upcoming inflation releases closely ahead of future monetary policy decisions by the Central Bank of Nigeria.
