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uly 15, 2026/Cordros Report
Nigeria’s headline inflation moderated by 2bps to 15.91% y/y in June (May: 15.93% y/y), in line with our estimate. Likewise, on a month-on-month basis, growth in consumer prices slowed to 1.66%, compared with 1.75% m/m recorded in May.
Disaggregating the data, food inflation rose by 56bps to 17.52% y/y in June (May: 16.96% y/y). On a month-on-month basis, growth in the food index accelerated by 3.75% in June (May: 2.98% m/m), reflecting higher price increases of Crayfish, Pepper (Fresh), Tomatoes (Fresh), Green Peas (dried), Fresh Pepper, Yam Flour (Sold loose), Water Yam, Beef, Banana, Cassava Flour, Cow Pea, Garri, Irish Potatoes, Yam Tuber, etc.
Elsewhere, core inflation (all items excluding farm produce and energy) eased by 90bps to 15.92% y/y in June (May: 16.82% y/y). On a month-on-month basis, the core index rose at a slower pace by 1.66% (May: 1.94% m/m).