Nigeria’s headline inflation eased slightly in June 2026, recording its first decline in three months, as the Central Bank of Nigeria (CBN) prepares to decide on the country’s benchmark interest rate at its next Monetary Policy Committee (MPC) meeting scheduled for July 20–21.
According to the National Bureau of Statistics (NBS), headline inflation fell to 15.91 per cent in June from 15.93 per cent recorded in May, marking the first monthly decline since February.
On a month-on-month basis, headline inflation stood at 1.66 per cent, down from 1.75 per cent in May, indicating a modest slowdown in the overall pace of price increases.
Despite the slight improvement in headline inflation, food inflation continued to rise, climbing to 17.52 per cent in June from 16.69 per cent in May.
The NBS said the month-on-month food inflation rate also increased to 3.75 per cent, compared to 2.98 per cent in the previous month, reflecting sustained pressure on the prices of essential food items.
The agency attributed the increase in food inflation to rising average prices of commodities including crayfish, fresh tomatoes, fresh pepper, dried green peas, yam flour, water yam, beef, bananas, cassava flour, cowpea, garri, Irish potatoes and yam tubers, among others.
The latest figures suggest that while overall inflation has begun to moderate, food prices remain elevated, continuing to put pressure on household spending across the country.
The inflation data comes ahead of the CBN’s 306th MPC meeting, where policymakers are expected to review interest rates and other monetary measures.
At its 305th MPC meeting, the apex bank retained the Monetary Policy Rate (MPR) at 26.60 per cent, as part of efforts to curb inflation and maintain macroeconomic stability.
