Inflation rate rose to 3% in July as gas prices climbed again
The resumption of hostilities in the Middle East in July sent gas pump prices back up, after a brief ceasefire cooled them in June. Inflation for food bought from stores cooled in July, with fresh vegetable and chicken prices driving the decline.
Nigeria's headline inflation rate fell to 15.43 percent in July 2026, a 0.48 percentage point decrease from 15.91 percent in June. This marked a sharp 9.51 percentage point reduction year-on-year from July 2025's 24.94 percent. The Consumer Price Index increased to 145.3 points in July, up from 143.0 points in June, reflecting changes in the average prices of goods and services bought by consumers.
The NBS explained that the inflation rate measures the speed of these price increases. In July 2026, the inflation rate fell by 0.48 percent compared to June 2026, while the month-on-month rate was 1.57 percent, 0.09 percentage points lower than June's 1.66 percent. This indicates that while prices continued to rise, the pace of increases moderated in July, moderating both the annual inflation rate and the monthly price increase pace.
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