By Onyekachi Victoria Philip
Nigeria’s headline inflation rate has recorded a slight decline, dropping to 15.91 per cent in June 2026 from 15.93 per cent recorded in May, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
This further reveals that there is continued moderation in the country’s overall inflation trend, with the June rate showing a significant improvement compared to the 25.29 per cent recorded in June 2025.
However, despite the easing headline inflation, Nigerians continue to face pressure from rising food prices as food inflation remained elevated during the period.
According to the NBS data, food inflation climbed to 17.52 per cent year-on-year in June 2026, reflecting the continued increase in the cost of essential food items across markets.
On a month-on-month basis, food inflation accelerated to 3.75 per cent in June, compared to 2.98 per cent recorded in May, indicating that food prices increased at a faster pace during the month.
The report showed that while overall inflation slowed, the cost of feeding households remained a major challenge, with analysts warning that sustained food price increases could continue to affect Nigerians’ purchasing power.
Urban, Rural Inflation Trends
The report further revealed differences in inflation patterns between urban and rural areas.
Urban inflation stood at 16.08 per cent year-on-year in June 2026, while the month-on-month rate increased to 2.13 per cent from 1.99 per cent recorded in May.
Meanwhile, rural inflation was recorded at 15.48 per cent year-on-year, with the month-on-month rate slowing significantly to 0.52 per cent compared to 1.17 per cent in May.
The decline in rural month-on-month inflation suggests a slower pace of price increases in rural communities during the period.
Core Inflation Records Further Decline
Beyond food and energy-related items, Nigeria’s core inflation rate, which excludes volatile agricultural products and energy prices, also moderated.
Core inflation stood at 15.92 per cent in June 2026, representing a decline from 25.41 per cent recorded in June 2025.
On a monthly basis, core inflation dropped to 1.66 per cent in June from 1.94 per cent in May, reflecting a gradual reduction in underlying inflationary pressures.
States With Highest Food Inflation
Across states, Kogi recorded the highest year-on-year food inflation rate at 53.02 per cent in June 2026, followed by Niger at 43.83 per cent and Benue at 40.83 per cent.
Other states recorded relatively slower increases, with Katsina at 19.15 per cent, Rivers at 23.81 per cent, and Imo at 24.60 per cent.
On a month-on-month basis, Katsina recorded the highest food inflation increase at 16.82 per cent, followed by Kebbi at 9.79 per cent and Niger at 8.96 per cent.
Borno recorded the lowest month-on-month food inflation rate at -3.54 per cent, followed by Benue at -2.36 per cent and Bayelsa at -1.34 per cent.
CBN Policy Outlook
The latest inflation figures could influence expectations around the monetary policy direction of the Central Bank of Nigeria (CBN), as the apex bank continues to monitor price stability, exchange rate conditions, energy costs, and food supply.
Economic analysts are expected to closely watch whether improved exchange rate stability, increased agricultural production, reduced energy costs, and government interventions in the food sector can sustain the downward movement in inflation during the second half of 2026.