Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, from 15.43 per cent in July, as the pace of increase in food prices slowed sharply during the month, according to the latest Consumer Price Index report released by the National Bureau of Statistics.
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The August figure represents a 0.04 percentage-point decline from July and a significant moderation from the 23.14 per cent recorded in August 2025.
Despite the lower inflation rate, the Consumer Price Index itself rose to 146.3 points in August from 145.3 points in July, showing that prices of goods and services continued to increase, although at a slower pace.
On a month-on-month basis, headline inflation slowed more considerably to 0.71 per cent in August, compared with 1.57 per cent in July.
“This means that in August 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in July 2026,” the NBS said.
The most significant movement in the August data came from food inflation.
Year-on-year food inflation fell to 19.57 per cent in August from 20.31 per cent in July and 25.30 per cent in August 2025.
On a month-on-month basis, food inflation dropped sharply to 1.02 per cent from 5.56 per cent in July, reversing the acceleration recorded a month earlier.
In July, food inflation had risen from 17.52 per cent in June to 20.31 per cent, while the monthly rate increased from 3.75 per cent to 5.56 per cent.
The August data therefore indicate a significant slowdown in the pace at which food prices were increasing.
The NBS said the moderation was reflected in the average prices of several food items, including palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, water yam, melon, fresh ginger, fresh fish, Irish potatoes, wheat grain, frozen chicken and turkey meat.
According to the bureau, the figures showed that “the average prices of food items are increasing at a decreasing rate in August 2026.”
Food and non-alcoholic beverages remained the largest contributor to annual headline inflation, contributing 6.16 percentage points.
Restaurants and accommodation services followed with a contribution of 1.99 percentage points, while transport contributed 1.64 percentage points.
Housing, water, electricity, gas and other fuels contributed 1.30 percentage points.
Core inflation, which excludes volatile agricultural produce and energy prices, also moderated.
It fell to 13.29 per cent year-on-year in August, from 14.97 per cent in July and 22.93 per cent in August 2025.
On a month-on-month basis, core inflation turned negative at -0.06 per cent, compared with 0.15 per cent in July, suggesting weaker price pressure outside some of the more volatile components of the consumer basket.
The report also showed different inflation patterns between urban and rural areas.
Urban inflation stood at 15.88 per cent year-on-year in August, down from 16.12 per cent in July.
Rural inflation, however, increased to 14.23 per cent from 13.77 per cent in July.
The month-on-month figures showed an even wider difference.
Urban monthly inflation slowed to 0.28 per cent in August from 1.90 per cent in July, while rural monthly inflation rose to 1.79 per cent from 0.78 per cent.
This means that while annual inflation remained higher in urban areas, rural areas experienced a faster rate of price increase during August itself.
Inflation also varied significantly across the states.
Lagos recorded the highest headline inflation rate at 23.68 per cent, followed by Zamfara at 22.56 per cent and Enugu at 22.06 per cent.
Sokoto recorded the lowest headline inflation rate at 2.11 per cent.
For food inflation, Adamawa recorded the highest rate at 38.85 per cent, followed by Zamfara at 37.96 per cent and Bayelsa at 36.20 per cent.
The NBS, however, cautioned against making direct comparisons between states because consumption patterns and the weights assigned to different items in the Consumer Price Index vary across locations.
The August figures extend the gradual easing in headline inflation after the rate rose earlier in the year.
Headline inflation increased from 15.38 per cent in March to 15.69 per cent in April and 15.93 per cent in May before easing slightly to 15.91 per cent in June and 15.43 per cent in July.
It declined further to 15.39 per cent in August.
The slowdown in food inflation is particularly significant because food remains one of the largest components of household expenditure in Nigeria.
However, the decline in inflation does not mean that prices generally fell. Rather, it means that the overall price level continued to rise, but at a slower rate than in the preceding period.
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