Nigeria’s headline inflation dropped from 15.91 per cent in June 2026 to 15.43 per cent in July, according to the latest consumer price index (CPI) report released by the National Bureau of Statistics (NBS).
The decline in headline inflation amount to very little to the ordinary citizens, as food inflation, arguably the component Nigerians feel most directly, moved in the opposite direction.
Following the report, food inflation is sustaining the cost of living pressure on households.
According to NBS, , food inflation for the month of July increased to 5.56 per cent from 3 75 per cent recorded in June 2026. On year-on-year basis, it rose from 17.52 per cent in July 2025 to 20.31 per cent in July 2026.
This year alone food inflation has witnessed a consecutive six months of spike, rising from 8.89 per cent in January to 12.12 per cent in February, to 14.31 per cent in March and up further to 16.06 per cent in April.
It jumped to 16.96 per cent in Month of May before reaching 17.52 per cent in June and in July, hitting 20.31 per cent.
Although food availability in the market looks good but prices has continued to rise, raising the question of what exactly could be driving rising prices.
It is generally believed that one of the major drivers of food prices in the country is high cost of transportation arising from the high cost of fuel.
Pump prices of petroleum products, especially premium motor spirit,(PMS), otherwise called fuel, has been rising since the removal of fuel subsidy in May 2023.
The situation was made worse by the crisis in the Middle East which drove up the global crude oil.
