Nigeria’s annual consumer inflation rate was 15.91% year-on-year in June 2026, virtually unchanged from 15.93% in May, the National Bureau of Statistics reported. The slight slowdown in the month-on-month consumer price index increase to 1.66% from 1.75% in May indicated a modest deceleration in price growth.
The slight moderation in Nigeria’s inflation rate in June 2026 was accompanied by a slowdown in the month-on-month consumer price index (CPI) increase to 1.66%, down from 1.75% in May, according to data from the National Bureau of Statistics (NBS). This deceleration followed three consecutive monthly rises in headline inflation earlier in the year, with the rate climbing from 15.69% in April to a six-month high of 15.93% in May before stabilizing in June. Trading Economics, citing NBS figures, described June’s inflation as “little changed” relative to May’s peak, reflecting a period of relative price stability after earlier volatility.
Food inflation, the largest component of Nigeria’s inflation basket, accelerated to 17.52% year-on-year in June from 16.96% in May, according to NBS reports.
This increase in food prices contributed to maintaining the elevated headline inflation rate despite some easing in other sectors. The average annual food inflation for the 12 months ending May 2026 was 16.99%, down sharply from 33.21% a year earlier, indicating a broader disinflation trend over the past year even as monthly food price pressures intensified in recent months.
Sectoral data from the NBS showed mixed trends in June. Inflation for housing and utilities rose to 11.19% year-on-year from 9.79% in May, signaling faster price increases in this category. Conversely, transportation inflation slowed markedly to 15.62% in June from 17.09% in May, contributing to the slight moderation in overall headline inflation. Inflation for clothing and footwear eased to 6.39% year-on-year from 6.79% in May, while price growth also slowed for miscellaneous goods and services (to 17.31% from 17.78%) and for restaurants and hotels (to 23.63% from 24.04%). Alcoholic beverages and tobacco recorded the lowest inflation among major categories at 2.94% in June, down from 3.89% in May.
Core inflation, which excludes volatile agricultural produce and energy prices, eased to 15.92% year-on-year in June from a four-month high of 16.82% in May, according to NBS data. The May CPI report had recorded a month-on-month core inflation rate of 1.94%, up from 1.03% in April, indicating underlying price pressures before the June decline. The near parity between headline inflation (15.91%) and core inflation (15.92%) in June suggests that both volatile and non-volatile components contributed similarly to overall price levels.
The relative stability of the naira in June was cited by Trading Economics, based on NBS data, as a key factor in containing inflationary pressures amid strong external cost-push factors linked to the Middle East conflict. These external pressures, including higher import and energy costs, typically feed into transportation, food, and utility prices in Nigeria. The stability of the currency helped mitigate the pass-through of global price shocks to domestic inflation, preventing a sharper rise in consumer prices.
Despite the marginal decline in headline inflation from May to June, both months’ rates remained significantly lower than the 26.06% recorded in May 2025, highlighting a broader disinflation trend over the past year. Annual inflation for 2025 stood at 23.01%, according to World Bank data compiled by the Federal Reserve Economic Data (FRED) database. Early 2026 figures from NBS show a gradual decline from those elevated levels, with headline inflation moving from 15.69% in April to 15.93% in May and then holding steady at 15.91% in June.
Monthly inflation dynamics further illustrate this trend, with CPI increases of 2.13% in April, 1.75% in May, and 1.66% in June, indicating a gradual easing in the pace of monthly price growth. The CPI index itself rose from 138.3 points in April to 140.7 points in May, reflecting the upward trend that culminated in May’s 15.93% inflation rate before the slight easing in June.
The NBS remains the official source for inflation and CPI statistics in Nigeria, with secondary outlets such as Vanguard, Nairametrics, and Trading Economics providing analysis and dissemination of the bureau’s data. The agency’s reports reflect ongoing monitoring of price trends across various sectors, capturing both domestic and external influences on Nigeria’s inflation trajectory.
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