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

Nigeria’s headline inflation fell in June 2026 for the first time in three months, ahead of a Central Bank of Nigeria decision on interest rates scheduled for July 21. The National Bureau of Statistics reported in its Consumer Price Index release that headline inflation decreased to 15.91% in June from 15.93% in May. On a month-on-month basis, June’s headline rate rose 1.66%, down 0.09 percentage points from May’s 1.75%. Food inflation, however, increased to 17.52% in June from 16.69% in May, leaving food prices without clear easing. Month-on-month, food inflation in June stood at 3.75%, up 0.77 points from May’s 2.98%. The NBS attributed food inflation to changes in prices of items including crayfish, fresh pepper, tomatoes, green peas (dried), yam flour and several other staples. The CBN fixed July 20-21 for its 306th Monetary Policy Committee meeting; in its previous 305th MPC meeting, it held the interest rate at 26.60%.