August 17, 2026/Cordros Update
Nigeria’s headline inflation moderated by 48bps to 15.43 % y/y in July (June: 15.91% y/y). Likewise, on a month-on-month basis, growth in consumer prices slowed to 1.57%, compared with 1.66% m/m recorded in June.
Disaggregating the data, food inflation jumped by 279bps to 20.31% y/y in July (June: 17.52% y/y). On a month-on-month basis, growth in the food index accelerated by 5.56% in July (June: 3.75% m/m), reflecting higher price increases of Crayfish, Pepper (Fresh), Onions (Fresh), Carrots (Fresh), Rice, Water Yam, Tomatoes (Fresh), Garri, Plantain, Beef, Egg, Guinea Corn, Ginger, Plantain Flour, etc.
Elsewhere, core inflation (all items excluding farm produce and energy) eased by 94bps to 14.97% y/y in July (June: 15.92% y/y). On a month-on-month basis, the core index rose at a slower pace by 0.15% (June: 1.66% m/m).