Inflation eases to 15.39% amid rising cost of living

Nigeria's headline inflation rate fell slightly to 15.39 percent in August, according to a report from the National Bureau of Statistics. This figure marked a small decrease from the 15.43 percent observed in July 2026, and was 23.14 percent in August 2025. The drop of 0.04 percent compared to July represented a decrease of 0.86 percent month-on-month from July's 1.57 percent.

Food prices accounted for the majority of the inflation, with the year-on-year rate reaching 19.57 percent in August 2026, down from 25.30 percent in the same month the previous year. The month-to-month food price inflation decline was 4.55 percentage points, from 5.56 percent in July 2026.

The drop in food inflation was attributed to changes in the prices of various goods, including Palm Oil, Carrots, Pepper, Onions, Cassava Flour, Beef, Yam Flour, Water Yam, Melon, Fresh Ginger, Fresh Fish, Irish Potatoes, Wheat Grain, Frozen Chicken, Turkey Meat, and Yam Flour among others. The year-on-year food inflation rate for the previous year was 15.70 percent, which was 14.15 percentage points lower than the 29.86 percent rate in August 2025.

While inflation eased, it remained a major concern for households and businesses, with the Inflation Perception Index standing at 39.6 points in August 2026, down slightly from 40.0 points the previous month. However, respondents expressed optimism that inflationary pressures would moderate in the coming months, with projections falling to 19.9 index points the following month.