Nigeria Inflation Falls to 15.39% in August as Food Price Pressure Eases Sharply

Nigeria’s headline inflation rate fell slightly to 15.39 per cent in August 2026, as the pace of food price increases slowed sharply, according to the National Bureau of Statistics (NBS).

The latest figure marks a 0.04 percentage-point decline from the 15.43 per cent recorded in July and a much larger drop from the 23.14 per cent recorded in August 2025. The NBS released the figures in its Consumer Price Index report for August on Tuesday.

Despite the slower inflation rate, prices did not fall during the month. The Consumer Price Index, which tracks changes in the cost of goods and services consumed by households, increased to 146.3 points in August from 145.3 points in July.

The biggest change came from food inflation, which fell to 19.57 per cent year-on-year from 20.31 per cent in July and 25.30 per cent a year earlier. Monthly food inflation also dropped sharply to 1.02 per cent from 5.56 per cent in July.

That represents a major reversal from July, when monthly food inflation surged after rising from 3.75 per cent in June. The NBS said slower increases were recorded in the prices of several food items, including palm oil, carrots, pepper, onions, beef, yam flour, fresh fish, potatoes, wheat grain, chicken and turkey.

Headline month-on-month inflation also slowed significantly, falling to 0.71 per cent in August from 1.57 per cent in July. Core inflation, which excludes volatile agricultural produce and energy prices, declined to 13.29 per cent year-on-year from 14.97 per cent in July.

Inflation continued to vary between urban and rural areas. Urban inflation stood at 15.88 per cent year-on-year, while rural inflation was 14.23 per cent. However, rural monthly inflation increased to 1.79 per cent, compared with 0.28 per cent in urban areas.

There were also wide differences across states. Lagos recorded the highest headline inflation at 23.68 per cent, followed by Zamfara at 22.56 per cent and Enugu at 22.06 per cent, while Sokoto recorded the lowest at 2.11 per cent. Adamawa had the highest food inflation at 38.85 per cent.

The August figures extend the recent easing in headline inflation after it climbed from 15.38 per cent in March to 15.93 per cent in May before falling through June and July. The slower rate means prices are still rising, but they are increasing at a slower pace, rather than becoming cheaper.