Nigeria’s Inflation Rate Drops Again

The National Bureau of Statistics (NBS) has reported a drop in Nigeria’s inflation for July 2026.

In its latest update, the government agency revealed that the country’s Inflation Rate, which was 15.91 per cent in the previous month (June), has now dropped further to 15.43 per cent.

Naija News reports that the update was contained in the NBS Consumer Price Index and inflation report released on Monday.

The agency also reported food inflation at 5.56 per cent on a month-on-month basis.

“In July 2026, the Headline inflation rate stood at 15.43 per cent.

“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57%.

“The Food inflation rate in July 2026 was 5.56 per cent on a month-on-month basis”, NBS stated on its official 𝕏 account on Monday, August 17.

Meanwhile, barely a month ago, the Central Bank of Nigeria (CBN) announced the Monetary Policy Rate (MPR) at 26.5 per cent.

CBN Governor Olayemi Cardoso announced the decision at the end of the 305th Monetary Policy Committee (MPC) meeting in Abuja.

Naija News reports that the CBN retained the benchmark interest rate at 26.5 per cent for the second time.

“The Committee decided as follows: retain the monetary policy rate at 26.5 per cent,” Cardoso said.

In addition to retaining the MPR, the MPC left all other key monetary parameters unchanged. It retained the asymmetric corridor around the MPR at +500/-100 basis points, maintained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45 per cent, Merchant Banks at 16 per cent, and kept the liquidity ratio at 30 per cent.

Cardoso said the committee’s decision followed a careful assessment of domestic economic conditions and emerging global risks, particularly the resurgence of hostilities in the Middle East and their implications for global commodity prices.

According to him, although Nigeria’s headline inflation dropped marginally in June, the evolving geopolitical developments warranted a cautious monetary policy stance.