Nigeria’s headline inflation rate declined for the third consecutive month, easing slightly to 15.39 per cent in August 2026 from 15.43 per cent in July, according to the National Bureau of Statistics (NBS).
The latest figure represents a 0.04 percentage-point reduction and a significant decline from the 23.14 per cent recorded in August 2025.
The NBS disclosed the figures in its Consumer Price Index report for August, noting that the monthly rate of inflation also slowed considerably.
On a month-on-month basis, headline inflation dropped to 0.71 per cent in August, compared with 1.57 per cent in July. This indicates that average prices continued to rise during the month, but at a slower pace.
Food inflation records sharper decline
Food prices also recorded slower growth during the period.
Food inflation fell to 19.57 per cent year-on-year in August from 20.31 per cent in July and 25.30 per cent in August 2025.
The monthly food inflation rate dropped sharply to 1.02 per cent, compared with 5.56 per cent in July, representing a 4.55 percentage-point decline.
The statistics agency attributed the moderation partly to changes in the average prices of several food items, including palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, water yam, egusi, fresh ginger, fresh fish, Irish potatoes, wheat grain, frozen chicken and turkey.
Despite the moderation, food and non-alcoholic beverages remained the largest contributor to annual headline inflation, accounting for 6.16 percentage points.
Restaurants and accommodation services contributed 1.99 percentage points, while transport accounted for 1.64 percentage points.
Core inflation also eases
Core inflation, which excludes some volatile components such as agricultural produce and energy prices, also moderated in August.
The rate fell to 13.29 per cent year-on-year, compared with 14.97 per cent in July and 22.93 per cent in August 2025.
On a monthly basis, core inflation stood at -0.06 per cent, compared with 0.15 per cent recorded in July.
The figures indicate that price pressures across several components of the consumer basket weakened during the month.
Inflation varies widely across states
The NBS data showed considerable differences in inflation across the country.
Lagos recorded the highest year-on-year headline inflation at 23.68 per cent, followed by Zamfara at 22.56 per cent and Enugu at 22.06 per cent.
At the other end of the scale, Sokoto recorded the lowest headline inflation at 2.11 per cent, followed by Kebbi at 3.72 per cent and Jigawa at 3.81 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.
Borno recorded a negative year-on-year food inflation rate of -4.04 per cent, while Jigawa recorded -0.23 per cent.
On a monthly basis, Rivers recorded the highest headline inflation increase at 6.92 per cent, followed by Osun at 5.61 per cent and Kano at 5.59 per cent.
The August figures come amid continued attention to the cost of living, with food prices remaining a major contributor to inflation despite the broader slowdown in the rate of price increases.
