Inflation Rate Eases to 15.39% in August — NBS

Nigeria’s headline inflation rate declined marginally to 15.39% in August 2026, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS).

The August figure represents a 0.04 percentage-point decline from the 15.43% recorded in July. It is also significantly lower than the 23.14% recorded in August 2025.

On a month-on-month basis, inflation slowed considerably to 0.71% in August from 1.57% in July, indicating that the average price level increased at a much slower pace during the month.

Food inflation also moderated during the period, falling to 19.57% year-on-year from 20.31% in July and 25.30% in August 2025.

The NBS reported that food inflation dropped sharply on a month-on-month basis to 1.02% in August from 5.56% in July. The moderation was linked to changes in the average prices of several food items, including palm oil, pepper, onions, cassava flour, beef, yam flour, fish, potatoes and frozen poultry.

Core inflation, which excludes volatile agricultural produce and energy, stood at 13.29% year-on-year in August, down from 22.93% a year earlier. On a month-on-month basis, core inflation was negative 0.06%.

The NBS data also showed differences between urban and rural inflation. Urban inflation stood at 15.88% year-on-year, while rural inflation was 14.23%.

Despite the moderation, food prices remain a major concern for Nigerian households, as the food inflation rate remains considerably higher than the overall headline inflation rate.

The latest figures indicate that price pressures are easing, although consumers continue to face elevated costs for essential goods and services.

The development comes ahead of the next meeting of the Central Bank of Nigeria’s Monetary Policy Committee, where the latest inflation figures are expected to be among the factors considered in determining the direction of monetary policy.