Nigeria’s energy inflation rate fell sharply to 4.37 percent in July 2026, the lowest level in four months, as revealed in the latest Consumer Price Index (CPI) report by the National Bureau of Statistics.
The figure is a huge drop of 5.46 percentage points from the 9.83 percent recorded in the previous month.
According to data published by NBS, energy inflation peaked at 11.20 percent in January and 12.57 percent in February, dipped to 9.89 percent in March and 4.50 percent in April, surged to 5.73 percent in May and peaked again at 9.83 percent in June.
The News Chronicle reports that the July moderation comes despite energy remaining a major source of cost pressure for Nigerian households and businesses. A recent CBN survey showed that energy costs recorded the highest inflation perception among firms at 74.1 points and households at 61.9 points.
Meanwhile, changes in Nigeria’s downstream petroleum market continue to influence energy prices, with the NMDPRA proposing measures against coordinated pricing and supply restrictions.
The latest decline offers some relief to consumers, although movements in petrol, diesel and electricity prices could still affect overall household spending and business costs.
