Inflation eases to 15.91% in June, down from 15.93% in May

National Bureau of Statistics (NBS), has announced that the headline inflation rate eased marginally to 15.91 per cent in June 2026, from 15.93 per cent in May, signalling continued price stability.

Statistician General of NBS, Prince Adeyemi Adeniran, said that food inflation accelerated on a monthly basis, highlighting persistent pressure on household food costs.

Adeniran noted that the month-on-month headline inflation rate in June 2026 was 1.66 per cent, which was 0.09 per cent lower than the rate recorded in May 2026 (1.75 per cent). 

“The food inflation rate in June 2026 was 17.52 per cent on a year-on-year basis, lower than 25.41 per cent recorded in June 2025. Also, on a month-on-month basis, the food inflation rate in June 2026 was 3.75 per cent, up by 0.77 per cent points from May 2026 (2.98 per cent). This can be attributed to the rate of change in the average prices 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, among others” he said.

However, he noted that core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 15.92 per cent in June 2026 on a year-on-year basis. On a month-on-month basis, the core inflation rate was 1.66 per cent in June 2026, down by 0.28 per cent compared to May 2026 (1.94 per cent). 

“The newly- introduced indices:The inflation rate of the sub-indices for June 2026 shows that the monthly change recorded were farm produce (4.42 per cent), energy (-7.54 per cent), services (1.60 per cent), goods (1.94 per cent) and imported food (1.73 per cent)” Adeniran said.

 Meanwhile, he explained, the inflation rate on a year-on-year basis recorded were as follows; Farm produce (18.81 per cent), energy (9.90 per cent), services (15.99 per cent), goods (16.53 per cent) and imported food (13.63 per cent).

“On a year-on-year basis, the urban inflation rate in June 2026 was 16.08 per cent. On a month-on-month basis, the urban inflation rate was 2.13 per cent in June 2026, up by 0.14 per cent compared to May 2026 (1.99 per cent).The rural inflation rate in June 2026 was 15.48 per cent on a year-on-year basis. On a month-on-month basis, the rural inflation rate in June 2026 was 0.52 per cent, down by 0.64 per cent compared to May 2026 (1.17 per cent).In analysing price movements under this section, it should be noted that consumer price index (CPI) is weighted by consumption expenditure patterns that differ across states and locations” he said.