Consumer price index (2024 base)

CPI is constructed using the following key variables: weights derived from estimates of household expenditures (the weight reference period is 2023), Prices collected from selected retail outlets across the 36 States and FCT (both urban and rural), and Quantities of goods and services. In the current CPI, there are 74 population strata, which are the urban and rural parts of Nigeria’s 36 states and the FCT. The CPI basket has 242 items strata, defined by the 2018 version of the Classification of Individual Consumption According to Purpose (COICOP). The 2018 version of COICOP has 4 levels in its hierarchy: DIVISIONS, GROUPS, CLASSES and SUB-CLASSES.

The Consumer Price Index (CPI) is a macroeconomic indicator that provides a general measure of changes in the average prices of goods and services commonly purchased by consumers relative to a base period (price reference period is 2024). The Consumer inflation rate is directly computed from the index. The inflation rate is the relative change in CPI between periods. The inflation rate is reported year-on-year (annual inflation rate) and month-on-month (monthly inflation rate).

In July 2026, the Headline inflation rate stood at 15.43%, down from 15.91% in June 2026 and stood at 24.94% in the same month of the preceding year (July 2025). Looking at the movement, the July 2026 Headline inflation rate showed a decrease of 0.48% compared to the June 2026 Headline inflation rate.

On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57%, which was 0.09% lower than the rate recorded in June 2026 (1.66%). This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026.

The percentage change in the average CPI for the twelve months ending July 2026 over the average for the previous twelve-month period was 16.89%, showing a 12.21% decrease compared to 29.10% recorded in July 2025.

On a year-on-year basis, in July 2026, the Urban inflation rate was 16.12%. On a month-on-month basis, the Urban inflation rate was 1.90% in July 2026, down by 0.23% compared to June 2026 (2.13%). The corresponding twelve-month average for the Urban inflation rate was 16.81% in July 2026. This was 13.93% points lower compared to the 30.74% reported in July 2025.

The Rural inflation rate in July 2026 was 13.77% on a year-on-year basis. On a month-on-month basis, the Rural inflation rate in July 2026 was 0.78%, up by 0.25% compared to June 2026 (0.52%). The corresponding twelve-month average for the Rural inflation rate in July 2026 was 16.72%. This was 10.33% points lower compared to the 27.05% recorded in July 2025.

The Food inflation rate in July 2026 was 20.31% on a year-on-year basis and stood at 26.20% in the same month of the preceding year (July 2025). On a month-on-month basis, the Food inflation rate in July 2026 was 5.56%, up by 1.82% points from June 2026 (3.75%). This can be attributed to the rate of change in the average prices of the following products: Crayfish, Pepper (Fresh), Onions (Fresh), Carrots (Fresh), Rice, Water Yam, Tomatoes (Fresh), Garri, Plantain, Beef, Egg, Guinea Corn, Ginger, Plantain Flour, etc.

The average annual rate of Food inflation for the twelve months ending July 2026 over the previous twelve-month average was 16.06%, which was 14.79% points lower compared with the average annual rate of change recorded in July 2025 (30.85%).

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 14.97% in July 2026 on a year-on-year basis, a decline of 8.98% when compared to the 23.95% recorded in July 2025. On a month-on-month basis, the Core Inflation rate was 0.15% in July 2026, down by 1.51% compared to June 2026 (1.66%). The average twelve-month annual inflation rate was 18.09% for the twelve months ending July 2026, which was 8.47% points lower than the 26.56% recorded in July 2025.

The Consumer Price Index (CPI) increased to 145.3 in July 2026, reflecting a 2.2-point increase from the preceding month (143.0).