Despite the increase, economists note that inflation today is considerably lower than it was a year ago.
Headline inflation has fallen by more than 10 percentage points from May 2025 levels, while average annual inflation has also declined significantly.
The CPPE says recent easing in global oil prices and improving diplomatic relations in parts of the Middle East could help reduce inflationary pressures in the coming months.
Analysts believe that if security improves, food production increases and transport costs stabilize, inflation could begin to moderate further in the second half of 2026.
What Happens Next?
Economists are urging policymakers to focus on addressing the root causes of inflation rather than relying solely on monetary measures.
Key recommendations include strengthening security in farming communities, improving transportation infrastructure, expanding rail and mass transit systems, stabilizing energy supply and supporting domestic food production.
For ordinary Nigerians, however, the immediate concern remains simple: how to cope with rising prices while incomes struggle to keep pace.
As food, transport and essential services continue to consume a larger share of household earnings, inflation remains one of the most important economic issues shaping daily life across the country.
Experts Blame Global Shocks and Domestic Challenges
Economic experts say a combination of international and domestic factors is contributing to the latest increase.
The Centre for the Promotion of Private Enterprise (CPPE) attributed the inflation uptick largely to geopolitical tensions in the Middle East, which have increased global energy costs, disrupted supply chains and raised import expenses.
At the same time, insecurity in key farming regions continues to affect agricultural production and the movement of food items across the country.
According to the CPPE, attacks and instability in food-producing communities have reduced cultivated farmland, disrupted supply chains and increased transportation costs, ultimately pushing food prices higher.