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Inflation Rate Drops To 15.91% In June

BY CHIKA OKEKE, Abuja

Nigeria’s headline inflation rate dropped to 15.91 per cent in June 2026, down from 15.93 per cent recorded in May of 2026.

The decline marked the first drop in the country’s headline inflation rate in three months, just as the Central Bank of Nigeria, CBN, prepares to decide on the interest rate next week.

The National Bureau of Statistics, NBS, in its Consumer Price Index, CPI, report released on Wednesday, revealed that the June 2026 inflation rate decreased by 0.02 percentage points, compared to the rate recorded in May.

The agency stated that on a month-on-month basis, the headline inflation rate stood at 1.66% in June 2026, approximately 0.09 percentage points lower than the 1.75% recorded in the previous month of May.

“The June 2026 headline inflation rate showed a decrease of 0.02% compared to the May 2026 headline inflation rate,” the bureau said.

“This means that in June 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in May 2026,” the report said.

Irrespective of the slight drop in headline inflation, food inflation increased to 17.52 per cent on a year-on-year basis in June 2026, up from 16.96 per cent in May.

But the figure remained lower than the 25.41 per cent recorded in the corresponding month of the previous year.

On a month-on-month basis, food inflation rose to 3.75%, an increase of 0.77 percentage points from 2.98% recorded in May 2026.

The NBS informed that the increase was driven by changes in the average prices of products including crayfish, fresh pepper, fresh tomatoes, dried green peas, fresh pepper, yam flour, water yam, beef, banana, cassava flour, cow pea, garri, irish potatoes, and yam tuber, among others.

It was revealed that the average annual food inflation rate for the twelve months ending June 2026, compared to the previous twelve-month average, stood at 16.42%, which was 15.51 percentage points lower than the 31.93% recorded in June 2025.

On a year-on-year basis, food inflation was highest in Kogi ,53.02 per cent, Niger ,43.83 per cent, and Benue ,40.83 per cent, while Katsina ,19.15 per cent, Rivers ,23.81 per cent, and Imo, 24.60 per cent, recorded the slowest rise

The NBS stated that urban inflation rate stood at 16.08% on a year-on-year basis in June 2026.

On a month-on-month basis, urban inflation rose to 2.13%, up by 0.14 percentage points from 1.99% recorded in May 2026.

In addition, the twelve-month average urban inflation rate was 17.51% in June 2026, 14.14 percentage points lower than the 31.64% recorded in June 2025.

The NBS added that the rural inflation rate was 15.48% on a year-on-year basis in June 2026.

On a month-on-month basis, rural inflation slowed to 0.52%, down by 0.64 percentage points from 1.17% recorded in May 2026.

Meanwhile, the corresponding twelve-month average rural inflation rate stood at 17.54% in June 2026, 10.11 percentage points lower than the 27.65% recorded in June 2025.

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