Nigeria’s inflation records first drop in three months ahead of CBN interest rate decision

Nigeria’s headline inflation dropped in June 2026 for the first time since February as the Central Bank of Nigeria, CBN, plans to make a decision on the country’s interest rate on July 21. 

The National Bureau of Statistics, in its Consumer Price Index and inflation data released on Wednesday, said Nigeria’s headline inflation declined to 15.91 percent in June from 15.93 percent in May. 

On a month-on-month basis, the country’s headline inflation was 1.66 percent, which was 0.09 percent lower than the rate recorded in May 2026 (1.75 percent). 

Meanwhile, food inflation rose to 17.52 percent in June, up from 16.69 percent recorded in May. 

On a month-on-month basis, the food inflation rate in June 2026 was 3.75 percent, up by 0.77 percentage points from May 2026 (2.98 percent). 

“The food inflation rate in June 2026 was 17.52 percent on a year-on-year basis,” NBS stated. 

This means that food prices are yet to ease in Nigeria.

The food inflation rate was attributed to changes in the average prices of crayfish, pepper (fresh), tomatoes (fresh), green peas (dried), fresh pepper, yam flour (sold loose), water yam, beef, banana, cassava flour, cowpea, garri, Irish potatoes, yam tuber, among others.

The development comes as the Central Bank of Nigeria fixed July 20-21st for its 306th Monetary Policy Committee meeting to decide on the country’s interest rate and monetary measures. 

Recall that the apex bank in its 305th MPC meeting retained an interest rate of 26.60 percent.