Nigeria’s food inflation climbed to 17.52 per cent in June 2026, marking the fifth consecutive monthly increase, with market data indicating that edible oil recorded one of the sharpest price increases, contributing significantly to the sustained rise in food costs.
Data from the Price and Promo FMCG Momentum Dashboard showed that edible oil recorded the strongest upward pricing momentum among six tracked food categories in June. Noodles posted a mild decline, while breakfast cereals, food seasoning, powdered beverages and powdered milk remained broadly stable.
The dashboard, which tracked 122 FMCG food products, found that 72 per cent of the stock keeping units recorded no month-on-month price movement, 13 per cent rose, and 15 per cent declined. This indicates that pricing activity remained concentrated in specific categories rather than spreading across the market.
The National Bureau of Statistics had earlier put food inflation at 17.52 per cent for June, up 0.56 percentage points from May, a Price and Promo Macro Indicator report showed.
The report noted that food inflation had risen for five straight reporting periods, even though the pace of increase had slowed. It linked the persistence to sustained price increases in items such as pepper and onions.
Reacting to the June inflation figures, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said food prices had resumed an upward trend after a brief period of moderation.
Year-on-year food inflation increased from 17.43 per cent to 17.52 per cent in June, while month-on-month food inflation rose sharply from 2.98 per cent to 3.75 per cent, the strongest monthly increase in several months, Yusuf said.
“Food inflation remains the greatest driver of the cost-of-living crisis, eroding household purchasing power, worsening poverty and food insecurity, and weakening the inclusiveness of the current reform programme,” Yusuf said.
Yusuf noted that headline inflation had largely plateaued, easing marginally from 15.93 per cent in May to 15.91 per cent in June, while core inflation continued to moderate on the back of exchange rate stability.
He flagged persistent urban inflation, which stood at 16.08 per cent year-on-year in June, above the national headline rate.
“The rising urban inflation may partly reflect increasing population displacement from rural communities affected by insecurity,” Yusuf said.
He described Nigeria’s inflation challenge as structural rather than monetary, attributing the renewed rise in food prices to insecurity, high transportation and logistics costs, elevated energy prices, rising fertiliser costs and supply chain disruptions.
“Food, transportation, housing, utilities and energy account for approximately 72 per cent of current inflationary pressures,” Yusuf said, adding that interventions should be concentrated in those sectors.
Yusuf commended the establishment of a Ministerial Advisory Committee by the Minister of Finance and Coordinating Minister of the Economy to recommend measures for tackling the cost-of-living crisis. He called for improved security in farming communities, expanded irrigation, mechanisation and better storage infrastructure to reduce post-harvest losses.
He added that the June inflation data did not warrant further monetary tightening, given that headline inflation had stabilised and the drivers of inflation remained structural.
“The CPPE expects the Monetary Policy Committee to maintain the current monetary policy stance at its next meeting,” Yusuf said.
The Manufacturers Association of Nigeria had also raised concerns in May over the trajectory of inflation, noting that food inflation climbed to 17.8 per cent that month from 16.6 per cent in April, partly driven by fuel price shocks linked to the United States-Iran war.
The association warned that persistent double-digit inflation was reversing gains recorded from exchange rate stability and improved harvests.
MAN Director-General Segun Ajayi-Kadir called for enhanced security in agricultural areas, access to concessionary financing for manufacturers, and a dedicated foreign exchange window from the Central Bank of Nigeria.
