James Emejo in Abuja
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, moderated marginally to 15.91 per cent in June from 15.93 per cent recorded in May, the National Bureau of Statistics (NBS) Wednesday.
The slight moderation marked the first decline in headline inflation after three consecutive monthly increases, suggesting that while overall inflationary pressures remained largely elevated, though the pace of price increases eased marginally during the review period.
According to the CPI report for the period under review, month-on-month, headline inflation also slowed to 1.66 per cent in June from 1.75 per cent in May, indicating that the average price level continued to rise but at a slower pace than in the preceding month.
According to the statistical agency, the CPI index rose to 143.0 points in June from 140.7 in May, reflecting a 2.3-point increase in the general price level.
Average annual headline inflation for the 12 months ending June 2026 stood at 18.03 per cent, representing a sharp decline from 30.44 per cent recorded in the corresponding period of 2025.
Food inflation however, rose to 17.52 per cent year-on-year in June from 16.96 per cent in May, although it remained significantly lower than the 25.41 per cent recorded in June 2025.
The NBS attributed the movement in food prices to increases in the average prices of crayfish, fresh pepper, tomatoes, dried green peas, yam flour, water yam, beef, banana, cassava flour, cowpea, garri, Irish potatoes and yam tubers, among others.
Month-on-month, food inflation accelerated sharply to 3.75 per cent in June from 2.98 per cent in May, indicating stronger food price pressures during the month.