Inflation eases to 15.39% as food prices slow — NBS

Nigeria's headline inflation rate decreased slightly to 15.39 percent in August 2026, according to the National Bureau of Statistics. This was a small reduction from 15.43 percent recorded in July and a significant decrease from 23.14 percent in August 2025. The Consumer Price Index, which tracks changes in prices of goods and services consumed by households, rose to 146.3 points in August from 145.3 points in July.

On a month-to-month basis, inflation slowed to 0.71 percent in August from 1.57 percent in July. Food prices accounted for the largest share of annual inflation at 6.16 percentage points, followed by restaurants and accommodation services at 1.99 percentage points. Transport and housing, water, electricity, gas, and other fuels contributed 1.64 and 1.30 percentage points respectively.

Food inflation, at 19.57 percent year-on-year, slowed sharply on a monthly basis to 1.02 percent from 5.56 percent in July. The NBS attributed this moderation to changes in prices of various food items. Core inflation, which excludes volatile agricultural produce and energy prices, also moderated to 13.29 percent year-on-year from 22.93 percent in August 2025 and turned negative on a monthly basis at -0.06 percent.

However, inflationary pressures varied across regions, with urban areas experiencing higher rates than rural areas. Lagos had the highest headline inflation rate at 23.68 percent, while Sokoto recorded the lowest at 2.11 percent.