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Nigeria’s inflation eases to 15.91% in June amid rising food prices — NBS

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The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate eased slightly to 15.91 per cent in June, down from 15.93 per cent recorded in May, offering a modest sign of slowing price pressures even as food prices continued to rise.

The bureau disclosed this in its latest Consumer Price Index (CPI) report released on Wednesday.

According to the report, the headline inflation rate was significantly lower than the 25.29 per cent recorded in June 2025, representing a year-on-year decline. Compared with May, the inflation rate fell by 0.02 percentage points.

Similarly, on a month-on-month basis, headline inflation slowed to 1.66 per cent in June from 1.75 per cent in May, indicating that the average price level increased at a slower pace during the month.

“This means that in June 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in May 2026,” the NBS said.

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The report also showed that the Consumer Price Index rose to 143.0 in June from 140.7 in May, reflecting a 2.3-point increase in the average price level.

Food prices

While overall inflation moderated slightly, food prices continued to exert pressure on household budgets.

The NBS said food inflation stood at 17.52 per cent on a year-on-year basis in June, compared with 25.41 per cent in the corresponding period of 2025.

However, on a month-on-month basis, food inflation rose to 3.75 per cent in June from 2.98 per cent recorded in May.

According to the bureau, the increase was driven by higher prices of several staple food items, including fresh pepper, tomatoes, crayfish, beef, garri, yam tubers, yam flour, cassava flour, cowpea, bananas and Irish potatoes.

Food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.37 percentage points.

Other major contributors included restaurants and accommodation services (2.06 percentage points), transport (1.70 percentage points), housing, water, electricity, gas and other fuels (1.34 percentage points), education (0.99 percentage points) and health (0.96 percentage points).

Core inflation moderates

Meanwhile, core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 15.92 per cent year-on-year in June, down from 25.41 per cent recorded in the corresponding period last year.

On a month-on-month basis, core inflation also moderated to 1.66 per cent, compared with 1.94 per cent in May.

The report further showed that the average headline inflation rate for the 12 months ending June 2026 stood at 17.63 per cent, lower than 29.82 per cent recorded in June 2025.

Likewise, the average annual food inflation rate declined to 16.42 per cent from 31.93 per cent in the corresponding period of the previous year.

The NBS said urban inflation stood at 16.08 per cent year-on-year, while rural inflation was 15.48 per cent.

On a month-on-month basis, urban inflation increased to 2.13 per cent from 1.99 per cent in May, whereas rural inflation slowed to 0.52 per cent from 1.17 per cent.

Inflation varies across states

The report also highlighted wide disparities in inflation across the country.

READ ALSO: Nigeria’s inflation up 15.93% amid high food prices – NBS

Niger State recorded the highest annual all-items inflation rate at 42.23 per cent, followed by Kogi (41.59 per cent) and the Federal Capital Territory (39.91 per cent).

By contrast, Imo State posted the lowest annual inflation rate at 19.47 per cent, followed by Ebonyi (20.79 per cent) and Katsina (21.87 per cent).

For food inflation, Kogi State recorded the highest year-on-year rate at 53.02 per cent, followed by Niger (43.83 per cent) and Benue (40.83 per cent).

The lowest food inflation rates were recorded in Katsina (19.15 per cent), Rivers (23.81 per cent) and Imo (24.60 per cent).

The June inflation figures come as Nigeria continues to navigate the effects of ongoing economic reforms, including exchange rate adjustments and higher energy and transportation costs, which have contributed to elevated consumer prices over the past two years.


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Business

Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval

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BY NKECHI NAECHE-ESEZOBOR—Emerging from National Insurance Commission, (NAICOM), sector-wide recapitalisation drive with a capital base exceeding ₦15 billion, Guinea Insurance Plc on Friday said its positioning itself for a major market transformation.

With NAICOM verification now completed, the non-life insurer plans to deploy its strengthened capital position toward underwriting larger corporate risks, expanding digital infrastructure, and competing more aggressively for market leadership within Nigeria’s financial ecosystem.

A statement released by the insurer noted that, recapitalisation is not the destination. It is the platform for growth.

The statement further said is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:

“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience.

It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

According to the Company, the objective is clear: to turn capital strength into market strength.

Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.

The post Guinea Insurance Positions for Next Growth Phase Following NAICOM Recapitalisation Approval appeared first on Business Today NG.

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Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance

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BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc and Guinea Insurance Plc are among seven additional underwriting firms officially cleared and verified by the National Insurance Commission (NAICOM) as compliant with the Minimum Capital Requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This final batch of approvals formally completes the nation’s insurance recapitalization exercise, bringing the total roster of fully capitalized operators in Nigeria to 48 insurance companies and two reinsurance companies.

See details below:

List of Additional Insurance Companies that Complied with the MCR Prescribed by NIIRA 2025

The post Sovereign Trust, Guinea Insurance, 5 Others Join Verified List in Final Recapitalization Clearance appeared first on Business Today NG.

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