Nigeria's headline inflation cooled slightly to 15.91% year-on-year in June 2026, down from 15.93% in May, according to the Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS). The overall price level in the economy continued to rise, however, with the CPI reaching 143.0 points in June — a gain of 2.3 points from the 140.7 recorded in May.
Annual and Monthly Inflation Trends
Annual inflation remained sharply lower than the 25.29% posted in June 2025, reflecting a broad deceleration in price growth over the past twelve months. Month-on-month headline inflation slowed to 1.66% in June from 1.75% in May, while the 12-month average inflation rate fell to 17.63%, compared with 29.82% in June 2025.
Urban inflation stood at 16.08% on an annual basis, while rural inflation came in at 15.48%. On a monthly basis, however, urban price growth accelerated to 2.13% from 1.99% in May, pointing to intensifying cost pressures in Nigeria's cities. Rural monthly inflation moved in the opposite direction, slowing sharply to 0.52% from 1.17% the previous month.
Core Inflation Shows Significant Decline
Core inflation, which strips out the effects of volatile farm produce and energy costs, stood at 15.92% year-on-year in June, a significant decline from 25.41% in June 2025. On a monthly basis, core inflation eased to 1.66% from 1.94% in May.
States With Highest and Lowest Headline Inflation
The latest NBS report revealed significant differences in inflation across Nigeria's states. The top states with the highest headline inflation (year-on-year) were Niger at 42.23%, Kogi at 41.59%, and the Federal Capital Territory (Abuja) at 39.91%. Conversely, the states with the lowest headline inflation were Imo at 19.47%, Ebonyi at 20.79%, and Katsina at 21.87%.
On a month-on-month basis, Niger (11.65%), Katsina (8.13%), and Kwara (7.52%) recorded the highest increases in headline inflation, while Bayelsa (-6.48%), Benue (-5.58%), and Cross River (-5.12%) posted the lowest monthly changes.
Food Inflation Remains Elevated Across States
Food prices remained elevated in several parts of the country. The top states with the highest food inflation (year-on-year) were Kogi at 53.02%, Niger at 43.83%, and Benue at 40.83%. The states with the lowest food inflation were Katsina at 19.15%, Rivers at 23.81%, and Imo at 24.60%.
On a month-on-month basis, Katsina (16.82%), Kebbi (9.79%), and Niger (8.96%) recorded the sharpest increases in food inflation. Meanwhile, Borno (-3.54%), Benue (-2.36%), and Bayelsa (-1.34%) recorded the slowest monthly food inflation, reflecting lower increases in food prices during the month.
