Nigeria’s Inflation: Prices still rising despite August decline – Financial Analyst, Oyedokun

Financial analyst Professor Godwin Oyedokun has commented on Nigeria's inflation rate, noting a slight decline in August 2026 but emphasizing that prices remain on the rise. Speaking to DAILY POST, Oyedokun said while the moderation in August is a positive sign, it does not signify falling prices. He explained that the decline in headline inflation from 15.43% in July to 15.39% in August indicates prices are still increasing, albeit at a slower pace.

The expert highlighted that a more significant development was the decline in month-on-month inflation, which could suggest a potential easing of price increases in the near term. However, Oyedokun cautioned that the high level of food inflation may mean that many households have not yet experienced substantial relief in their daily expenses.

Regarding borrowing costs, Oyedokun stated that a single month's moderation in inflation would not immediately lead to cheaper bank loans. Instead, the effect would likely be gradual if the downward trend in inflation persists. He noted that sustained disinflation could provide the Central Bank of Nigeria with more room to consider monetary easing, potentially resulting in lower lending rates and improved access to credit.

Oyedokun cautioned that while the August inflation figure is encouraging, it should not yet be seen as a victory over inflation. Instead, he emphasized that attention should be focused on improving food supply, purchasing power, business productivity, and access to affordable credit to sustain the downward trend in inflation.