Nigeria’s headline inflation rate eased marginally to 15.91 percent in June 2026, marking its first decline since February, just days before the Central Bank of Nigeria (CBN) is expected to announce a fresh decision on the country’s benchmark interest rate.
According to the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report released on Wednesday, headline inflation fell slightly from 15.93 percent recorded in May.
On a month-on-month basis, headline inflation stood at 1.66 percent, representing a 0.09 percentage point decline from the 1.75 percent recorded in May.
Despite the slight improvement in overall inflation, food prices continued to rise, with food inflation increasing to 17.52 percent in June, up from 16.69 percent in May.
Similarly, month-on-month food inflation climbed to 3.75 percent, compared to 2.98 percent in the previous month, reflecting sustained pressure on the cost of essential food items.
The NBS attributed the increase in food inflation to rising average prices of commodities including crayfish, fresh pepper, tomatoes, dried green peas, yam flour, water yam, beef, bananas, cassava flour, cowpea, garri, Irish potatoes, and yam tubers, among others.
The latest inflation figures come ahead of the 306th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria, scheduled for July 20–21, where policymakers will decide on the country’s interest rate and other monetary policy measures.
At its 305th MPC meeting, the apex bank retained the Monetary Policy Rate (MPR) at 26.60 percent, maintaining its tight monetary stance aimed at curbing inflation.
The June inflation data is expected to play a significant role in shaping the committee’s next policy decision, even as persistent food price pressures continue to weigh on households across the country.
Comments