Nigeria’s annual inflation rate slowed to 15.43% in July 2026 from 15.91% in June, its lowest level since March, while monthly consumer price index growth moderated to 1.57% from 1.66%. South Africa’s annual inflation rate fell to 4.3% from 5%, a two-year high, below analysts’ 4.5% estimate, and monthly inflation eased to 0.2% from 0.7%. Nigeria’s core inflation declined to 14.97% from 15.92%, but food inflation rose for a sixth consecutive month to 20.31% and increased 5.56% month on month. In South Africa, core inflation accelerated for a fifth month to 4.2%, its highest level since July 2024. The contrasting underlying trends leave the Central Bank of Nigeria cautious about resuming rate cuts and highlight persistent price pressures despite broader disinflation in both economies.