ABUJA, Nigeria (VOICE OF NAIJA)-Nigeria’s headline inflation eased slightly in June 2026, marking its first decline since February, as the Central Bank of Nigeria prepares to decide on the country’s benchmark interest rate at its Monetary Policy Committee meeting scheduled for July 21.
The National Bureau of Statistics, in its Consumer Price Index and inflation report released on Wednesday, said headline inflation fell marginally to 15.91 per cent in June from 15.93 per cent recorded in May.
On a month-on-month basis, headline inflation stood at 1.66 per cent, representing a 0.09 percentage point decline from the 1.75 per cent recorded in May 2026.
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However, food inflation continued its upward trend, rising to 17.52 per cent in June from 16.69 per cent in May.
On a month-on-month basis, food inflation increased to 3.75 per cent in June, up by 0.77 percentage points from 2.98 per cent recorded in May.
“The food inflation rate in June 2026 was 17.52 percent on a year-on-year basis,” the NBS stated.
The latest figures indicate that food prices remain elevated across the country.
According to the bureau, the increase in food inflation was driven by higher average prices of items including crayfish, fresh pepper, fresh tomatoes, dried green peas, yam flour sold loose, water yam, beef, bananas, cassava flour, cowpea, garri, Irish potatoes and yam tubers, among others.
The inflation report comes ahead of the Central Bank of Nigeria’s 306th Monetary Policy Committee meeting, scheduled for July 20 and 21, where policymakers are expected to decide on the nation’s interest rate and other monetary policy measures.
At its 305th MPC meeting, the apex bank retained the Monetary Policy Rate at 26.60 per cent.