…….Headline inflation eased from 15.43% in July, while monthly inflation dropped significantly to 0.71%.

Nigeria’s headline inflation rate declined marginally to 15.39% in August 2026 from 15.43% in July, according to the National Bureau of Statistics (NBS).

The latest figure represents a 0.04 percentage-point decrease. The NBS disclosed this in its Consumer Price Index report released on September 15, 2026. 

Monthly Inflation Slows

On a month-on-month basis, headline inflation fell to 0.71% in August from 1.57% in July.

The NBS explained that the decline means the average prices of goods and services continued to increase, but at a slower rate than in the previous month.

The Consumer Price Index, which measures changes in the prices of goods and services, increased from 145.3 points in July to 146.3 points in August.

Food Inflation Drops to 19.57%

Food inflation stood at 19.57% year-on-year in August, compared with 20.31% in July.

On a month-on-month basis, food inflation declined sharply to 1.02% from 5.56% in July.

The NBS attributed the development to changes in the prices of commodities, including palm oil, carrots, pepper, onions, cassava flour, beef, yam flour, fresh fish, potatoes, frozen chicken and turkey.

Food and non-alcoholic beverages remained the largest contributor to headline inflation, accounting for 6.16 percentage points.

Other major contributors included:

• Restaurants and accommodation services: 1.99 percentage points.
• Transport: 1.64 percentage points.
• Housing, water, electricity, gas and other fuels: 1.30 percentage points.
• Education services: 0.95 percentage points.
• Health: 0.93 percentage points.

Urban and Rural Inflation

Urban inflation stood at 15.88% year-on-year in August, while rural inflation was recorded at 14.23%.

Urban month-on-month inflation declined to 0.28% from 1.90% in July.

However, rural month-on-month inflation increased to 1.79% in August from 0.78% in July.

The figures indicate that price movements differed between urban and rural areas during the reporting period. 

Core Inflation Also Declines

Core inflation, which excludes volatile agricultural produce and energy prices, fell to 13.29% year-on-year in August.

On a month-on-month basis, core inflation stood at -0.06%, compared with 0.15% in July.

Despite the decline in the inflation rate, the increase in the Consumer Price Index shows that prices continued to rise, although at a slower pace.

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Nigeria’s food inflation rate rose to 12.12 percent in February 2026 on a year-on-year basis, according to the latest data released by the (NBS).

The report revealed that on a month-on-month basis, food inflation stood at 4.69 percent in February, marking a significant increase compared to January 2026, when the rate declined by -6.02 percent.

However, the February 2026 food inflation figure was considerably lower than the 26.98 percent recorded in February 2025, indicating a gradual easing in the pace of rising food prices.

Rising food prices drive increase

According to the statistics agency, the increase in food inflation was driven by higher average prices of several food commodities across the country.

These include beans, carrots, okazi leaf, cassava tuber, crayfish, millet flour, yam flour, snails and dried ogbono.

The bureau also stated that the average annual rate of food inflation for the 12 months ending February 2026 stood at 19.08 percent, significantly lower than the 37.40 percent recorded during the same period in 2025.

Headline inflation slightly declines

The report further indicated that Nigeria’s headline inflation rate eased slightly to 15.06 percent in February 2026, down from 15.10 percent recorded in January.

On a month-on-month basis, however, the headline inflation rate stood at 2.01 percent in February, representing an increase compared to the -2.88 percent recorded in January.

This suggests that the pace of price increases in February was higher than the previous month despite the marginal decline in the overall yearly inflation rate.

Core inflation also drops

Core inflation, which excludes volatile agricultural products and energy prices, stood at 15.88 percent on a year-on-year basis in February 2026.

This represents a notable drop compared to the 25.66 percent recorded in February 2025.

Meanwhile, the average annual core inflation rate for the 12 months ending February 2026 was estimated at 22 percent, compared to 27.25 percent during the same period in 2025.

States with highest and lowest inflation

The report showed that year-on-year headline inflation was highest in at 23.57 percent, followed by at 22.85 percent and at 22.0 percent.

The lowest inflation rates were recorded in at 7 percent, at 11.66 percent and at 11.71 percent.

For month-on-month inflation, the highest increases were seen in , and Anambra State, while , and Katsina State recorded a decline.

Food inflation highest in Kogi, Adamawa, Benue

On a year-on-year basis, food inflation was highest in Kogi State at 26.9 percent, followed by at 23 percent and Benue State at 21 percent.

The slowest increases in food inflation were recorded in Katsina, Bauchi and Imo states.

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Nigeria’s inflation rate dropped to 18.02% in September 2025, marking a significant decline from 20.12% in August, according to the latest report released by the National Bureau of Statistics (NBS).

The data shows a 2.1 percentage point fall in headline inflation month-on-month, while annual inflation is down 14.68 percentage points from 32.70% recorded in September 2024. This drop reflects moderating price pressures amid improving macroeconomic indicators and a recalibrated base year.

Food inflation also showed notable relief. Month-on-month, the rate fell by 3.22 percentage points to -1.57% in September, with the year-on-year figure standing at 16.87%, a 20.9 percentage point decline from the same period in 2024. This improvement is attributed to falling prices of key staples such as maize, beans, potatoes, onions, tomatoes, and eggs.

On a month-on-month basis, overall inflation edged down slightly to 0.72% from 0.74% in August, suggesting a gradual slowdown in price increases.

The NBS further noted that the average annual rate of food inflation over the past 12 months stood at 24.06%, significantly lower than the 37.53% recorded in the preceding year.

Analysts say the decline is largely due to easing food prices and improved exchange rate stability. Lukman Otunuga, Senior Research Analyst at FXTM, had earlier forecasted a drop in the consumer price index (CPI), citing a strengthening naira and improved food supply chains.

He added that “further signs of cooling price pressures may pave the way for more rate cuts by the Central Bank of Nigeria in November to stimulate economic growth.”

The latest inflation figures may signal a shift in Nigeria’s macroeconomic trajectory, potentially providing room for more accommodative monetary policy as authorities seek to balance growth and stability.

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