James Emejo in Abuja
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, moderated further to 15.43 per cent in July compared to 15.91 per cent in June, the National Bureau of Statistics (NBS) said Monday.
The decline represented a 0.48 percentage point drop in headline inflation, extending the moderation recorded in the previous month and suggesting a continued easing in the overall pace of price increases.
According to the CPI report for July 2026, month-on-month headline inflation also slowed to 1.57 per cent from 1.66 per cent in June, indicating that the average price level continued to rise but at a slower pace during the review period.
According to the statistical agency, the CPI index rose to 145.3 points in July from 143.0 points in June, reflecting a 2.2-point increase in the general price level.
Average annual headline inflation for the 12 months ending July 2026 stood at 16.89 per cent, representing a sharp decline from 29.10 per cent recorded in the corresponding period of 2025.
Food inflation, however, remained a major source of pressure, rising sharply on a month-on-month basis to 5.56 per cent in July from 3.75 per cent in June.
Details later….