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Nigeria's food inflation surged to 17.52 percent in June 2026, marking the fifth consecutive monthly increase, largely driven by a significant rise in edible oil prices. Market data indicates that edible oil recorded one of the sharpest price increases, contributing substantially to the sustained upward trend in food costs across the nation.
Insights from the Price and Promo FMCG Momentum Dashboard reveal that edible oil exhibited the strongest upward pricing momentum among six tracked food categories during June. In contrast, noodles experienced a mild decline, while breakfast cereals, food seasoning, powdered beverages, and powdered milk maintained broad stability in their prices. The dashboard, which monitors 122 fast-moving consumer goods (FMCG) food products, found that 72 percent of the stock keeping units (SKUs) showed no month-on-month price movement, 13 percent saw increases, and 15 percent recorded declines. This pattern suggests that pricing activity remained concentrated within specific categories rather than spreading widely across the entire market.
Earlier figures from the National Bureau of Statistics (NBS) confirmed the 17.52 percent food inflation for June, a 0.56 percentage point increase from May, according to a Price and Promo Macro Indicator report. The report highlighted that food inflation had consistently risen for five straight reporting periods, even though the pace of increase had somewhat moderated. It attributed this persistence to sustained price hikes in staple items such as pepper and onions.
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), commented on the June inflation figures, stating that food prices had resumed an upward trajectory following a brief period of moderation. He noted that year-on-year food inflation rose from 17.43 percent to 17.52 percent in June. More significantly, month-on-month food inflation sharply increased from 2.98 percent to 3.75 percent, representing the strongest monthly surge observed in several months.
'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 asserted. He also observed that headline inflation had largely plateaued, easing marginally from 15.93 percent in May to 15.91 percent in June, while core inflation continued to moderate, bolstered by exchange rate stability. Yusuf further flagged persistent urban inflation, which stood at 16.08 percent year-on-year in June, exceeding the national headline rate. He suggested that 'the rising urban inflation may partly reflect increasing population displacement from rural communities affected by insecurity.'
Yusuf characterized Nigeria's inflation challenge as structural rather than purely monetary. He attributed the renewed escalation in food prices to a confluence of factors including insecurity, high transportation and logistics costs, elevated energy prices, rising fertilizer expenses, and widespread supply chain disruptions. He underscored that 'food, transportation, housing, utilities and energy account for approximately 72 percent of current inflationary pressures,' advocating for targeted interventions in these critical sectors.
The CPPE CEO commended the Minister of Finance and Coordinating Minister of the Economy for establishing a Ministerial Advisory Committee tasked with recommending measures to address the cost-of-living crisis. He called for concrete actions such as improving security in farming communities, expanding irrigation, promoting mechanization, and enhancing storage infrastructure to mitigate post-harvest losses. Yusuf concluded that the June inflation data did not justify further monetary tightening, given the stabilization of headline inflation and the predominantly structural nature of inflation drivers. Consequently, 'The CPPE expects the Monetary Policy Committee to maintain the current monetary policy stance at its next meeting.'
In a related development, the Manufacturers Association of Nigeria (MAN) had previously voiced concerns in May regarding the inflationary trajectory. MAN noted that food inflation climbed to 17.8 percent in May from 16.6 percent in April, partly influenced by fuel price shocks linked to the United States-Iran conflict. The association warned that persistent double-digit inflation was undermining gains achieved from exchange rate stability and improved agricultural harvests. Segun Ajayi-Kadir, MAN Director-General, urged for enhanced security in agricultural regions, greater access to concessionary financing for manufacturers, and the establishment of a dedicated foreign exchange window by the Central Bank of Nigeria.
Source: Punch Newspapers