Nigeria’s Inflation Falls to 15.39% as Food Price Pressure Eases

Nigeria’s headline inflation rate fell slightly to 15.39 per cent 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 per cent recorded in July.

The bigger change came in the month-on-month inflation rate, which fell sharply to 0.71 per cent in August from 1.57 per cent in July.

This means prices continued to increase during the month, but at a significantly slower pace than in July.

Food Inflation Slows Sharply

Food and non-alcoholic beverages remained the biggest contributor to Nigeria’s annual inflation rate.

Food inflation stood at 19.57 per cent year-on-year in August, down from 25.30 per cent recorded in August 2025.

On a month-on-month basis, food inflation dropped to 1.02 per cent in August from 5.56 per cent in July.

The NBS attributed the slowdown partly to changes in the prices of several food items, including palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, water yam, egusi, fresh ginger, fresh fish, potatoes, wheat grain, chicken and turkey.

The figures suggest that food prices were still rising in August, but the pace of increase was considerably slower.

Inflation Remains Uneven Across Nigeria

The national average does not reflect the same price situation in every state.

Lagos recorded the highest headline inflation rate in August 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.

Food inflation was highest in Adamawa at 38.85 per cent, followed by Zamfara at 37.96 per cent and Bayelsa at 36.20 per cent.

The NBS cautioned that differences in consumption patterns and the weights assigned to goods and services mean state-level inflation figures should not be compared without considering those differences.

What the Numbers Mean for Nigerians

The latest figures point to some easing in the rate at which consumer prices are increasing, but they do not mean that prices have returned to previous levels.

A fall in inflation means prices are increasing more slowly; it does not mean that food and other household expenses have become cheaper overall.

For households already dealing with high food, transport, housing and energy costs, the impact will therefore depend on whether the slowdown continues in the coming months.

Food and non-alcoholic beverages contributed 6.16 percentage points to the annual inflation rate, making them the largest contributor.

Transport contributed 1.64 percentage points, while housing, water, electricity, gas and other fuels contributed 1.30 percentage points.

Core Inflation Also Eases

Core inflation, which excludes some volatile agricultural products and energy prices, also moderated.

It fell to 13.29 per cent year-on-year in August, compared with 22.93 per cent in August 2025.

On a monthly basis, core inflation was negative at -0.06 per cent in August, compared with 0.15 per cent in July.

The development provides another indication that underlying price pressures may be easing, although Nigerians continue to face significant differences in the cost of living depending on where they live and what they consume.

Key Facts

• Nigeria’s headline inflation fell to 15.39 per cent in August 2026.

• July’s headline inflation rate was 15.43 per cent.

• Month-on-month inflation fell from 1.57 per cent in July to 0.71 per cent in August.

• Food inflation fell to 19.57 per cent year-on-year.

• Monthly food inflation dropped from 5.56 per cent to 1.02 per cent.

• Lagos recorded the highest headline inflation at 23.68 per cent.

• Adamawa recorded the highest food inflation at 38.85 per cent.

• Core inflation fell to 13.29 per cent year-on-year.

Sources

National Bureau of Statistics (NBS)
Channels Television
PUNCH
Reuters