FX.co ★ Nigeria Inflation Rate Slows to 4-Month Low in July

Nigeria’s annual inflation rate eased for the second consecutive month in July 2026, falling to 15.43% from 15.91% in June and marking its lowest level since March. The sustained relative stability of the naira helped to temper overall inflationary pressures.

Price increases slowed across several CPI components, including transportation (15.5% vs 15.6% in June), miscellaneous goods and services (15.6% vs 17.3%), restaurants and hotels (21.8% vs 23.6%), and clothing and footwear (4% vs 6.4%).

However, food inflation—the largest component of the CPI basket—continued to accelerate, rising for the sixth straight month to 20.31% in July from 17.52% in June. Housing and utilities also saw faster price growth, with inflation in that category climbing to 12.6% from 11.2%.

Core inflation, which excludes volatile agricultural and energy prices, moderated for the second month in a row, slipping to 14.97% in July from 15.92% in June. This is the lowest core rate recorded since May 2022. On a month-on-month basis, the consumer price index increased by 1.57% in July, following a 1.66% rise in the previous month.